Sovereign Partners Secures $235 Million Refinance Loan From Rialto Capital Management In Manhattan

The Gardens at 780 is a 510,000-square-foot office tower located at 780 Third Ave. in Manhattan’s Plaza District. The property was acquired by Sovereign Partners for $177 million in 2024, and its refinancing involved a loan amount of $235 million, replacing a $20 million acquisition loan from Metropolitan Life Insurance Co.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $235,000,000
• Lender: Rialto Capital Management
• Landlord: Darius Sakhai & Cyrus Sakhai - Sovereign Partners
• Loan Type: Refinance
• Property Address: 780 3rd Avenue
• Market: Manhattan

Rialto Capital Management provided the refinancing for Sovereign Partners, who manage the 50-story office tower. This loan represents a strategic financial move by Sovereign Partners, reflecting their ongoing investment in Manhattan's commercial real estate market.