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Blackstone Provides $125M Refi of Plaza District Tower
NKF Capital Markets has arranged a $125-million refinance of Pearlmark’s Tower 56, secured through Blackstone. The team was led by vice chairmen Jordan Roeschlaub and Dustin Stolly, along with managing directors Nick Scribani and Chris Kramer.
The financing will be used to retire existing debt, and will include a future funding component to support future leasing costs during the loan term. Pearlmark has spent over $30 million on capital improvements on the 33-story office tower at 126 E. 56th St. since acquiring it from Macklowe Properties in 2008.
“Pearlmark’s extensive capital improvement program has further positioned Tower 56 as a top destination for tenants in the Plaza District,” said Roeschlaub. “The asset’s strong historical occupancy performance, coupled with the ability to roll near term below-market leases to market, created a competitive lending market,” added Stolly.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
