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Landmark Textile Building Refinanced for $229M
Walker & Dunlop, Inc. arranged $228.9 million in financing to refinance 295 Fifth Ave., a newly redeveloped, 19-story Class A office tower in Manhattan’s Midtown South submarket. Better known as the Textile Building, the century-old landmark long served as a hub of New York City’s textile industry.
Dustin Stolly, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Michael Brown, Christopher de Raet, and Jack Krentzman of Walker & Dunlop Capital Markets Institutional Advisory represented a joint venture of PGIM, Tribeca Investment Group, and Meadow Partners. The team arranged the floating-rate, interest-only bridge loan with capital provided by a JV between Rialto Capital Management LLC and Hines.
The refi follows a comprehensive redevelopment of the 707,181-square-foot property. The tenant roster includes Bridgewater Associates, the world’s largest hedge fund, and Quinn Emanuel, one of the world’s leading litigation firms.
“295 Fifth Ave. exemplifies the type of high-quality, well-positioned office asset that continues to attract strong tenant demand in Midtown South,” said Stolly.
- ◦Financing
