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PGIM Furnishes Bridge Loan on Flatiron District Offices
PGIM has provided a $88.5-million loan to Madison Capital & Lubert-Adler Partners to refinance 71 Fifth Ave., a 170,000-square-foot office and retail building in the Flatiron District. Justin Levitt led the transaction on behalf of PGIM. Meridian Capital Group served as broker.
The three-year bridge financing includes two one-year extension options. It will be utilized while Madison Capital completes re-leasing the remaining office space and Fifth Avenue corner retail space and completes redevelopment.
“PGIM was flexible in structuring the financing to meet our needs for the next phase of the investment,” said Madison Capital’s Jonathan Ratner. ”We will work closely with PGIM to continue executing redevelopment plans and bring this premier asset to full stabilization.”
Added Steve Bailey, portfolio manager for PGIM’s real estate debt strategies, “The highly desirable location of this mixed-use property and the strength of the sponsor and their business plan make this an attractive financing opportunity.”
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