provided a $208 million senior mortgage in ’s $260 million refinancing of 75 Rockefeller Plaza, whereas offered a $52 million mezzanine mortgage, Industrial Observer has discovered.
The five-year floating-rate mortgage is listed to SOFR and priced at S+395 foundation factors, sources aware of the deal informed CO.
The transaction got here a 12 months and a half after Carlyle Group Roger Cozzi from AllianceBernstein as head of actual property credit score as a part of an elevated push for alternatives within the industrial actual property debt house.
organized the financing with a workforce led by Jordan Roeshlaub, Dustin Stolly and Nick Scribani.
RXR, whose headquarters are housed at 75 Rock, acquired the leasehold curiosity on the 627,000-square-foot tower in 2013. The corporate invested $150 million for property enhancements in 2017 that included restoration of the limestone constructing façade, a brand new foyer and essential entrance, upgraded elevators, new home windows and modernized constructing techniques.
The 1947-built 75 Rock is on West 51st Avenue between Fifth Avenue and Avenue of the Americas. It options expansive ground plates which might be conducive to quite a lot of layouts. Present workplace tenants embrace Financial institution of America and WeWork. American Woman anchors the ground-floor retail house.
In a launch, Stolly mentioned of 75 Rock, “the asset’s fundamentals are reflective of lender necessities in at present’s market: A+ sponsorship, investment-grade tenancy and a superior capital enchancment program in proximity to great life-style facilities.”
Officers at Carlyle Group didn’t instantly return a request for remark. Financial institution of America and RXR declined to remark.
Andrew Coen may be reached at .