295 Fifth Ave owners push for revival with refinancing
A landlord trio secured more than $200 million in fresh debt following the renovation of their 19-story Midtown South office building. PGIM, Tribeca Investment Group and Meadow Partners landed a $228.9 million loan to refinance 295 Fifth Avenue, otherwise known as the Textile Building, the Commercial Observer reported. Rialto Capital Management and Hines issued the floating-rate, interest-only bridge debt. The sponsorship group last secured $150 million in debt from Deutsche Pfandbriefbank in November 2022. That followed the start of a $350 million capital improvements project, featuring the addition of a ground-floor courtyard, several terraces, hospitality amenities and a two-story penthouse. […]
This article originally appeared on The Real Deal. Click here to read the full story.
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