Bank Of America Merrill Lynch and Wells Fargo plan to securitize a $1.4 billion loan that is secured by the MetLife Building in New York City, according to Fitch Ratings and Kroll Bond Ratings Agency. 

Proceeds from the deal, called BAMLL Commercial Mortgage Securities Trust 2015-200P, will refinance $1.2 billion of existing debt; escrow $60 million in upfront reserves for unfunded landlord obligations including free rent, tenant improvement and leasing commissions; pay $18.4 million in closing costs; and return approximately $153.6 million to the sponsor. The property was previously securitized in LBUBS-2005-C3, LBUBS-2005-C5, and LBUBS-2005-C7.

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