{"id":301572,"date":"2026-07-21T07:45:24","date_gmt":"2026-07-21T07:45:24","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/301572\/"},"modified":"2026-07-21T07:45:24","modified_gmt":"2026-07-21T07:45:24","slug":"rialto-hines-refi-295-fifth-with-229m-loan-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/301572\/","title":{"rendered":"Rialto, Hines Refi 295 Fifth With $229M Loan \u2013 Commercial Observer"},"content":{"rendered":"

A joint venture consisting of PGIM<\/a>, Tribeca Investment Group<\/a> and Meadow Partners<\/a> has landed a $228.9 million loan to refinance a newly-renovated 19-story office tower in Manhattan\u2019s Midtown South neighborhood.<\/p>\n

Rialto Capital Management<\/a>, as part of a joint venture partnership with Hines<\/a>, supplied the floating-rate, interest-only bridge debt for the sponsorship\u2019s 295 Fifth Avenue property \u2014 also known as the Textile Building.\u00a0<\/p>\n

SEE ALSO: Madison Realty Capital, Cottonwood Group Provide $211M Construction Loan in N.J.<\/a><\/p>\n

The deal closed nearly four years after the 707,181-square-foot building sealed a $150 million refi<\/a> from Deutsche Pfandbriefbank in November 2022.The transaction garnered a half dozen proposals and came down to\u00a0 in a battle between Rialto in their JV with Hines and another \u201cmassive balance sheet lender,\u201d according to a source familiar with the deal. The building is now around 50 percent occupied and on a quick path to stabilization with \u201cmomentum\u201d firmly on its side after renovations, the source said.\u00a0<\/p>\n

Located between 30th Street and 31st Street, the office building inked a 60,000-square-foot lease<\/a> from hedge fund Bridgewater Associates in September 2024 following its renovation. It also secured a 132,000 square-foot lease<\/a> from law firm Quinn Emanuel Urquhart & Sullivan in November 2023.<\/p>\n

Walker & Dunlop<\/a> negotiated the debt with a capital Markets institutional advisory team of\u00a0 Dustin Stolly, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Michael Brown, Christopher de Raet and Jack Krentzman.<\/p>\n

\u201c295 Fifth Avenue exemplifies the type of high-quality, well-positioned office asset that continues to attract strong tenant demand in Midtown South,\u201d Stolly, senior managing director of capital markets institutional advisory at Walker & Dunlop, said in a statement. \u201cWith its premier tenant roster and location in one of Manhattan\u2019s most active and supply-constrained office corridors, the property is exceptionally positioned to benefit from continued demand for high-quality office space.\u201d<\/p>\n

Rialto Capital Management,\u00a0 Hines, PGIM, Tribeca Investment Group and Meadow Partners did not immediately return requests for comment.<\/p>\n

Andrew Coen can be reached at acoen@commercialobserver.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"A joint venture consisting of PGIM, Tribeca Investment Group and Meadow Partners has landed a $228.9 million loan…\n","protected":false},"author":2,"featured_media":301573,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[107259,37661,37662,114380,41764,45054,41765,41766,43398,9,24,63,122,124,123,37663],"class_list":["post-301572","post","type-post","status-publish","format-standard","has-post-thumbnail","category-queens","tag-295-fifth-avenue","tag-aaron-appel","tag-adam-schwartz","tag-christopher-de-raet","tag-dustin-stolly","tag-jack-krentzman","tag-jonathan-schwartz","tag-keith-kurland","tag-michael-brown","tag-new-york","tag-new-york-city","tag-nyc","tag-queens","tag-queens-headlines","tag-queens-news","tag-sean-reimer"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/301572","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=301572"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/301572\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/301573"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=301572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=301572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=301572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}