(Bloomberg) -- Tishman Speyer and Henry Crown have raised $2.65 billion in the commercial mortgage-backed securities market for The Spiral office tower in New York, kicking off the single asset, single borrower sector that analysts expect to post a banner year.

The bond priced on Tuesday, with the top tranche paying out a coupon of 5.47%, according to a person with knowledge of the matter, who asked not to be identified discussing private information. An additional $200 million in debt will also be securitized in future deals, the person added, bringing the total amount raised to $2.85 billion. 

The building’s owners will use the proceeds to refinance existing debt, pay for tenant reserves and return equity to sponsors.

The Spiral’s refinancing marks the first transaction in the private-label CMBS market this year, with many more expected. Nearly $1 billion of US commercial real estate mortgages are estimated to mature in 2025, according to an S&P Global Market Intelligence analysis of nationwide property records in September.

Analysts at JPMorgan Chase & Co. are forecasting the SASB market to hit a record $85 billion in annual issuance this year, adding onto momentum that propelled last year’s issuance to almost $70 billion, according to data compiled by Bloomberg News.

Representatives for Goldman Sachs Group Inc. and JPMorgan, bookrunners on the deal, declined to comment, while representatives for Tishman and bookrunner $Bank of America Corp(BAC-N)$. did not immediately provide comment. Henry Crown and bookrunner Wells Fargo & Co. did not respond to requests for comment.

Blue-chip properties like The Spiral, named after the tower’s series of terraces and setbacks, have seen better reception in scoring financing compared to lower-tier buildings. The Rockefeller Center — another Tishman and Henry Crown building — marked the largest private-label CMBS bond sale since 2021 when it closed in October, while luxury hotel Fontainebleau Miami Beach sold nearly $1 billion of CMBS debt in December. 

--With assistance from Charles Williams.

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