Newmark arranged a $260-million loan on behalf of RXR to refinance 75 Rockefeller Plaza, a mixed-use office and retail tower in Manhattan’s Plaza District. The Newmark team was led by Jordan Roeschlaub and Dustin Stolly, co-heads of the debt & structured finance team, with senior managing director Nick Scribani. Bank of America and Carlyle contributed to the financing.
“RXR is a prominent influencer for real estate in New York City, and their prowess in developing and owning some of the city’s most iconic assets is unparalleled,” said Roeschlaub.
Stolly added, “The asset’s fundamentals are reflective of lender requirements in today’s market: A+ sponsorship, investment grade tenancy and a superior capital improvement program in proximity to tremendous lifestyle amenities.”
RXR acquired the 75 Rock leasehold interest in 2013. The owner-developer then invested $150 million into a comprehensive building improvement program at the 75-year-old property, which serves as its headquarters.
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).
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