Post by Newmark

Newmark announces the Company has arranged $515 million in fixed-rate financing on behalf of Rithm Capital for 31 West 52nd Street, a 785,000-square-foot Class A office tower in Midtown Manhattan's Plaza District. The refinancing follows Rithm Capital's acquisition of the broader Paramount office portfolio, a $1.6 billion transaction on which Newmark served as financial advisor to Rithm. Co-Head of Global Debt & Structured Finance Jordan Roeschlaub, Co-Head of U.S. Capital Markets Adam Spies, Executive Vice Chairman Adam Doneger and Vice Chairman Nick Scribani arranged the financing on behalf of Rithm Capital. Director Timothy Polglase, Associate Director Dan Axelson and Analyst Jack Fenton also provided strategic support on the refinancing. The financing package, provided by Wells Fargo, consists of a $415 million senior mortgage, a $40 million B-note and a $60 million mezzanine loan. The lending group also includes Bank of America, Barclays, Citi, Goldman Sachs and J.P. Morgan. Located directly across from The Museum of Modern Art, 31 West 52nd Street occupies one of Midtown Manhattan's premier office locations. The property's high-quality tenancy, long-term leasing profile and institutional ownership continue to make it an attractive investment for lenders seeking exposure to best-in-class office assets. To learn more, read our release here ➡️ https://nmrk.re/4gr7aeK Photo credit: Paramount Group #Newmark #FixedRateFinancing #OfficePortfolio #ClassAOffice