Blackstone Group Provides $125M Loan For Office Building In New York's Plaza District

The Tower 56 office building, located at 126 East 56th Street in New York's Plaza District, has secured a loan amounting to $125,000,000 from blackstone''>Blackstone Group. The loan terms include a five-year term and a commitment that allows Pearlmark Real Estate Partners, the landlord and developer, to draw future funding for leasing costs. The building spans 187,000 square feet and is classified as an office asset.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $125,000,000
• Address: 126 East 56th Street (Tower 56)
• Market: Plaza District
• City: New York
• Square Footage: 187,000 SF
• Lender: Blackstone Group
• Landlord/Developer: Pearlmark Real Estate Partners
• Brokers: Dustin Stolly & Jordan Roeschlaub - Newmark Knight Frank

The financing for the Tower 56 office building was facilitated by Dustin Stolly and Jordan Roeschlaub from Newmark Knight Frank. They represented the landlord, Pearlmark Real Estate Partners, in the deal. Other individuals involved in the transaction include Kenneth Caplan, Stephen Quazzo, and Kathleen McCarthy. The loan provided by Blackstone Group grants Pearlmark the ability to secure funding for leasing costs in the future, ensuring the success of this office asset.