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Walker & Dunlop secures $228.9M bridge loan to refinance Textile Building
The refi covers 295 Fifth Ave. after a redevelopment of the 707,181-square-foot tower and uses a floating-rate, interest-only bridge structure.
Walker & Dunlop, Inc. arranged $228.9 million in financing to refinance 295 Fifth Ave., a newly redeveloped 19-story Class A office tower in Manhattan’s Midtown South submarket, according to ConnectCRE.
The property, better known as the Textile Building, is a century-old landmark that historically served as a hub for New York City’s textile industry.
ConnectCRE said the firm arranged a floating-rate, interest-only bridge loan. Capital came from a joint venture between Rialto Capital Management LLC and Hines, and Walker & Dunlop Capital Markets Institutional Advisory represented a joint venture of PGIM, Tribeca Investment Group, and Meadow Partners.
The refi follows a comprehensive redevelopment of the 707,181-square-foot property, and ConnectCRE noted that tenants include Bridgewater Associates and Quinn Emanuel. Walker & Dunlop’s Dustin Stolly said the asset reflects the type of well-positioned office property that continues to attract strong tenant demand in Midtown South.