$260M Loan Secured to Recapitalize 75 Rockefeller Plaza
Newmark arranged the financing on behalf of RXR for the 627,000-SF, office and retail property in Midtown Manhattan.
NEW YORK, NY – RXR has obtained a $260 million loan for the refinance of its 627,000-square-foot, mixed-use building at 75 Rockerfeller Plaza in Midtown Manhattan.
Newmark arranged the financing on behalf of RXR. Bank of America and Carlyle contributed to the loan.
The class A office and retail property offers floorplan flexibility through WorxWell, RXR’s data analytics software program that provides modular and adaptable spaces. The building also features a members-only, full-floor club space designed by hospitality company Convene, and outdoor space that overlooks Rockefeller Plaza and 5th Ave.
75 Rock is currently occupied by office tenants, such as Bank of America and WeWork, and its ground-floor retail space is anchored by American Girl. The property additionally serves as RXR’s New York headquarters.
RXR originally acquired the property’s leasehold interest in 2013, and in 2017, the firm implemented a comprehensive $150 million building improvement program, which included restoring the property’s limestone façade, executing a new lobby and main entrance, upgrading elevators, adding new windows and implementing modernized building systems at the property, which was constructed in 1947.
Located in Rockefeller Plaza, 75 Rock is situated near Radio City Music Hall, the Rink at Rockefeller Center, renowned dining and retail options, as well as five subway lines.
The Newmark team that arranged the loan on behalf of RXR was led by vice chairmen and co-heads of the debt & structured finance team, Jordan Roeschlaub and Dustin Stolly, along with senior managing director Nick Scribani.
“The asset’s fundamentals are reflective of lender requirements in today’s market: A+ sponsorship, investment grade tenancy and a superior capital improvement program in proximity to tremendous lifestyle amenities,” states Stolly.
“RXR is a prominent influencer for real estate in New York City, and their prowess in developing and owning some of the city’s most iconic assets is unparalleled,” says Roeschlaub.