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Sign in Sign up for a FREE subscriptionSHVO secures $545m to finance historic 711 Fifth Ave. in New York City
The development group led by SHVO, including Deutsche Finance America and BLG Capital has received a $545 million loan to finance 711 Fifth Ave. in New York City.
Bethlehem Engineering Corp. designed the 18-story building that was constructed in 1927 as the original headquarters of NBC. The historic building features 340,024 square feet of space, with 284,061 square feet of office space and 55,963 square feet of retail.
The property is located just steps away from Central Park and the world-renowned 57th Street luxury residential corridor, also known as Billionaire’s Row. The prime corner location offers more than 124 feet frontage along the Upper Fifth Avenue Corridor, the second most expensive retail corridor in the world, and 154 feet of frontage along East 55th Street.
SHVO, Deutsche Finance America and BLG plan to increase the tenant experience at 711 Fifth Ave. through several value-add strategies. The owners are planning on building upgrades that
