New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Rabina in $540M Financing for Fifth Ave Tower Construction
Rabina, a multi-generational, family-owned and operated real estate investment and development firm based in New York, has closed on a more than half-billion-dollar construction financing package for 520 Fifth Avenue, Rabina said.
With site work already underway, the approximately 450,000-square-foot mixed-use tower, located on Fifth Avenue and 43rd Street in the heart of Manhattan’s Midtown neighborhood, will be the second tallest building on Fifth Avenue, after the Empire State Building.
JLL Capital Markets represented Rabina in arranging the $540 million financing package consisting of a $410 million senior mortgage provided by Bank OZK and $130 million mezzanine financing provided by Carlyle’s Global Credit business. The JLL Capital Markets team representing Rabina was led by Christopher Peck and Geoff Goldstein and included Evan Pariser, Marko Kazanjian, Alex Staikos and Madison Warwick.
“We are thrilled to have the support of Bank OZK and Carlyle at this extraordinary time of reinvention in New York City,” said Josh Rabina, President of Rabina.
- ◦Financing
