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Newmark Arranges JV to Acquire Park 53 in Plaza District
Newmark has arranged $175 million in capitalization to facilitate the acquisition and renovation of 45 E. 53rd St., a/k/a Park 53, by a joint venture formed between ZG Capital Partners and Rialto Capital Management. The property is an office tower in Midtown Manhattan’s Plaza District.
The Newmark team was led by co-heads of the debt & structured finance team Dustin Stolly and Jordan Roeschlaub with senior managing director Daniel Fromm. Eden Abraham and Michael Dorfman provided additional support on the transaction.
ACRES Capital provided the loan to finance the acquisition and fund the comprehensive renovation plan, which will position Park 53 as a highly amenitized boutique Park Avenue office building. The JV hired Newmark’s Brian Waterman and Scott Klau to handle leasing.
Newmark arranged the JV for the project, with $120 million of the capitalization coming from the loan and $55 million coming from equity.
- ◦Sale/Acquisition
- ◦Financing
