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RXR Realty Secures $177.5 Million Refinance Loan From ING Capital For Office At 530 5th Avenue

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FINANCED
$177,500,000

New York

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Office386,839 SF
Financed 08/16/2024
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Property Image
FINANCED

RXR Realty Secures $177.5 Million Refinance Loan From ING Capital For Office At 530 5th Avenue

530 5th Avenue

See Similar Deals
Office386,839 SF
Financed 08/16/2024
Contact now

Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$458
Total Square Footage:386,839 SF
Transaction Type:Loan

The asset involved in this transaction is an office condominium located at 530 5th Avenue in Midtown West, Manhattan. The condominium covers a total square footage of 386,839 and has undergone refinancing with a loan amount of $177,500,000. This refinancing replaces prior debt that amounted to $171 million.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $177,500,000
  • Address: 530 5th Avenue
  • Market: Midtown West, Manhattan
  • Lender: Jeffrey Schwartz & Nicolaas van Boekel - ING Capital
  • Landlord: David Frank - RXR Realty
  • Loan Type: Refinance

This refinancing deal was secured by RXR Realty, which is represented by David Frank. The lenders involved in this transaction are Jeffrey Schwartz and Nicolaas van Boekel, both from ING Capital, who facilitated the refinance process for the office condominium.

Players

LENDER

Details

FINANCED
IMAGE: Nicolaas van Boekel, Scott Rechler & Jeffrey Schwartz DATE: 08/16/2024 ADDRESS: 530 5th Avenue MARKET: Midtown West, Manhattan ASSET TYPE: Office ~ SF: 386,839 LENDER: Jeffrey Schwartz & Nicolaas van Boekel - ING Capital LANDLORD: David Frank - RXR Realty LOAN AMOUNT: $177,500,000 LOAN TYPE: Refinance NOTE: RXR Realty secured a $177.5 million refinance loan from ING Capital for its office condominium at 530 5th Avenue in Midtown Manhattan, replacing prior debt of $171 million.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$177,500,000.00

Monthly NOI$1,183,333.33
Monthly Debt Service$1,121,920.74
Change in Cash Flow$0.00
Refinance Proceeds$0.00