{"id":378283,"date":"2026-10-20T21:32:19","date_gmt":"2026-10-20T21:32:19","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/378283\/"},"modified":"2026-10-20T21:32:19","modified_gmt":"2026-10-20T21:32:19","slug":"acore-capital-refis-511-fifth-avenue-with-46m-loan-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/378283\/","title":{"rendered":"ACORE Capital Refis 511 Fifth Avenue With $46M Loan \u2013 Commercial Observer"},"content":{"rendered":"

A joint venture involving Wharton Properties<\/a>, Aurora Capital Associates<\/a> and ACHS Management has secured a $45.5 million loan to refinance a Midtown Manhattan office property, Commercial Observer has learned.<\/p>\n

Acore Capital<\/a> supplied the nonrecourse loan for the sponsorship\u2019s 18-story office building at 511 Fifth Avenue that was recently redeveloped<\/a> with 16,000 square feet of renovated space. The 1918-built property at the corner of Fifth Avenue and 43rd Street has seen leasing momentum of late with recent two-floor deals signed by GE Aerospace and WeWork along with a 9,812-square-foot lease<\/a> from French consulting firm Wavestone.\u00a0<\/p>\n

SEE ALSO: Forbright Bank Provides $50M for Southern California R&D Campus<\/a><\/p>\n

Meridian Capital Group<\/a> negotiated the debt with a team led by Aaron Birnbaum.\u00a0<\/p>\n

\u201cThe sponsorship team have done an exceptional job repositioning 511 Fifth Avenue, and the leasing results speak for themselves,\u201d Birnbaum, co-founder and executive vice president at Meridian, said in a statement. \u201cWith new tenants signing while the loan was in process, our focus was keeping ACORE and the sponsors moving in lockstep as the rent roll grew.\u201d<\/p>\n

Located a block north of the New York Public Library\u2019s main building, 511 Fifth has amenities on the 15th floor that include a lounge, a juice bar and a fitness center. North Face, a global outdoor brand, opened<\/a> a two-story, 21,000-square-foot flagship store at the base of the tower in November 2025.<\/p>\n

\u201cWe continue to see positive leasing momentum across Midtown Manhattan\u2019s office market, with tenant demand increasingly concentrated in well-located, high-quality assets that have undergone meaningful capital investment and repositioning,\u201d Eric Ramirez, managing director and head of eastern region Ooiginations at ACORE Capital, said in a statement. \u201cThe strong leasing activity at 511 Fifth Avenue reflects this trend and is further supported by the property\u2019s experienced sponsorship team.\u201d<\/p>\n

Spokespeople for Wharton Properties, Aurora Capital Associates and Achs Management<\/a> did not immediately return requests for comment.<\/p>\n

Andrew Coen can be reached at acoen@commercialobserver.com<\/a>.\u00a0<\/p>\n

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