Rithm Capital Lands $515M Financing for Midtown Office Tower

Cushman & Wakefield and Newmark announced that their respective Equity, Debt & Structured Finance teams advised Rithm Capital in securing $515 million in fixed-rate financing for 31 W. 52nd St., a 29-story, 785,000-square-foot office tower in Midtown Manhattan. The Cushman & Wakefield team of Gideon Gil, Zach Kraft and Cecelia Galligan co-brokered the financing alongside Newmark’s Jordan Roeschlaub, Nick Scribani, Adam Spies, Adam Doneger, Tim Polglase, Dan Axelson and Jack Fenton.

Led by Wells Fargo, the financing package consists of a $415-million senior mortgage, a $40 million B-Note and a $60-million mezzanine loan. The lending group also includes Bank of America, Barclays, Citi, Goldman Sachs and JPMorgan. The refinancing follows Rithm Capital’s acquisition of the larger Paramount Group office portfolio.

“Securing financing of this scale from a consortium of leading lenders demonstrates continued confidence in well-positioned office assets in New York City’s premier business districts,” said Gil. “As capital markets continue to evolve, institutional lenders remain focused on high-quality properties backed by experienced ownership and strong long-term fundamentals.”