In one of the most closely watched deals of the year, Aby Rosen negotiated a $1 billion mortgage on his Seagram Building.

The deferment of an office loan, the largest due this year, brought good news and bad news about the state of the financing markets: Rosen’s RFR Realty was unable to refinance before the loan’s due date, although the building was in good condition. But pain can be avoided.

A representative for RFR declined to comment.

Details of the new deal were unclear, but one source said it was a multi-year extension.

Representatives for Midland Loan Servicing and Wells Fargo — principal and special servicers, respectively, of the $783 million debt securitization tranche — did not immediately respond to requests for comment.

RFR was on the market earlier this year seeking $1.1 billion to refinance the landmark 38-storey tower at 375 Park Avenue with the team at Eastdil Secured.

Its fate, the largest CMBS office loan to mature this year, is seen as an indicator of lenders’ interest in office properties as interest rates rise and the sector faces challenges with mixed work.

The Seagram building faced significant vacancy after tenant Wells Fargo moved to Hudson Yards, but has since filling Most or all of the space. RFR recent pump $25 million for renovations 860,000 sq. ft. tower, including repurposing of underground parking into 35,000 sq. ft. of amenity space.

The CMBS loan was due to mature today, May 10th. It’s unclear if RFR is still actively pursuing new debt, or if that effort is now on hold.

The deal could have implications for other borrowers.

Tishman Speyer has a $485 million The CMBS loan is due in August at 300 Park Avenue. As of last year, the building was 84 percent occupied. Instead of seeking to refinance, Tishman Speyer put the loan into special service so it could apply for an extension.

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