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Moinian Closes on $310M Refi of Fifth Avenue Offices
The Moinian Group (TMG) said Wednesday it had closed a $310-million refinancing for 535–545 Fifth Ave., a 512,171-square-foot office property located in Midtown Manhattan. According to published reports, Deutsche Bank and Société Générale provided the refi.
The new loan replaces existing debt on the property and provides long-term, stable financing for the asset. The transaction was completed amid a challenging capital markets environment, TMG said.
“This refinancing underscores the value of prime Fifth Avenue assets and our disciplined approach to asset management,” said Joseph Moinian, founder & CEO of TMG. “We are pleased to secure attractive financing that positions the property for continued long-term success.”
The CBRE team of Drew Anderman with Eddie Haber, AJ Bruno and Jared Fried advised TMG on the 535-545 Fifth refinance, as well as a $200-million financing to continue the conversion of 17 Battery Park South to include more residential floors. In addition, Rob Verrone of Iron Hound Management advised TMG regarding modifications to the 535-545 Fifth transaction.
- ◦Financing
