Walker & Dunlop has arranged $228.9 million in financing to refinance a newly redeveloped, 19-story class A office tower in Manhattan’s Midtown South submarket. Better known as the Textile Building, 295 Fifth Ave. is a more than 100-year-old landmark that long served as a hub of New York City’s textile industry.
Walker & Dunlop Capital Markets Institutional Advisory served as an exclusive adviser to the joint venture consisting of PGIM, Tribeca Investment Group and Meadow Partners. Dustin Stolly, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Michael Brown, Christopher de Raet, and Jack Krentzman arranged the floating-rate, interest-only bridge loan with capital provided by a joint venture between Rialto Capital Management LLC and Hines.
Following a comprehensive redevelopment, the historic property has been transformed into a 707,181-square-foot class A office tower. The building is leased to premier tenants including Bridgewate
