Newmark arranged a $150-million loan to finance 295 Fifth Ave. on behalf of Tribeca Investment Group, Meadow Partners and PGIM Real Estate. 295 Fifth is a soon-to-be-completed 19-story, 710,000-square-foot, fully renovated trophy office tower in Midtown South.
The Newmark team was led by Dustin Stolly and Jordan Roeschlaub, vice chairmen and co-heads of the sebt & structured finance team, along with Senior Managing Directors Christopher Kramer and Nick Scribani, director Ben Kroll and finance analyst Holden Witkoff. Deutsche Pfandbriefbank provided the loan.
“Being able to secure financing for this type of product during this uncertain time speaks to the quality of the collective ownership of the property,” said Stolly.
Roeschlaub added, “Since the pandemic, we’ve seen office users flocking to quality assets to attract and retain their talent. The recent top-of-the-line modernization at 295 Fifth Ave. will make it a destination property for the city’s office tenants.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).