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Rialto, Hines JV secures $228.9M bridge loan for 295 Fifth Ave
The loan refi comes nearly four years after the Textile Building agreed to a $150 million refinance and is now about 50% occupied.
A joint venture involving PGIM, Tribeca Investment Group, and Meadow Partners has secured a $228.9 million loan to refinance a renovated 19-story office building at 295 Fifth Avenue in Manhattan’s Midtown South, Commercial Observer reports.
Rialto Capital Management, working as part of its joint venture partnership with Hines, provided floating-rate, interest-only bridge debt for the Textile Building. The deal closed nearly four years after the 707,181-square-foot property sealed a $150 million refinance from Deutsche Pfandbriefbank in November 2022.
The transaction followed a competitive process that produced multiple proposals, according to a source familiar with the deal. The building is now around 50% occupied and is on a path to stabilization with renovation momentum.
Commercial Observer also reports that Walker & Dunlop negotiated the financing, and that tenant leasing activity includes a 60,000-square-foot lease from Bridgewater Associates in September 2024 and a 132,000-square-foot lease from Quinn Emanuel Urquhart & Sullivan in November 2023. Walker & Dunlop’s Dustin Stolly said the property is positioned to benefit from continued demand for high-quality office space in Midtown South.