Bromley Cos. has plans to undergo a comprehensive renovation and repositioning plan for 22 Fifth Avenue, an historic mixed-use office and retail building between West 17th and 18th Streets, in Manhattan.
Walker & Dunlop worked on behalf of the owner to arrange the refinancing of its existing loan and secure $170 million in funding from PCCP for capital expenditures and tenant improvements.
“The financing arranged by the Walker & Dunlop team provided us with the opportunity to partner with PCCP on a seamlessly executed financing transaction and continue with a robust capital improvement plan for 122 Fifth Avenue and introduce new, modern space to the Midtown South community,” said Neal McGraw, CFO of Bromley Cos. “With a post-COVID design in mind, we’ll be adding collaborative workspaces and offer the largest office floorplates in the Flatiron/Union Square submarket, complete with horizontal and vertical expansion opportunities, among other enhancements.
