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NEW YORK CITY \u2014\u00a0Walker & Dunlop has arranged a $228.9 million loan for the refinancing of the Textile Building, a 19-story, 707,181-square-foot office building located at 295 Fifth Ave. in the Midtown South submarket of Manhattan.<\/p>\n
Dustin Stolly, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Michael Brown, Christopher de Raet and Jack Krentzman of Walker & Dunlop Capital Markets Institutional Advisory arranged the financing on behalf of the owners, a joint venture between PGIM, Tribeca Investment Group and Meadow Partners. A joint venture between Rialto Capital Management LLC and Hines provided the floating-rate, interest-only bridge loan.<\/p>\n
The Textile Building is more than 100 years old and was originally the heart of New York City\u2019s textile district. In 2019, the building was\u00a0purchased<\/a>\u00a0by the joint venture of PGIM, Tribeca Investment Group and Meadow Partners,\u00a0which then invested\u00a0approximately<\/a>\u00a0$350 million to convert it into an office building. The redevelopment included adding new 40,000-square-foot flexible floor plates, renovating the lobby, inserting an additional five elevators while modernizing the existing 10, placing a two-story penthouse on top of the original 17 stories and integrating amenities such as a coffee bar, fitness center and bike parking.\u00a0<\/p>\n