NKF Capital Markets announced today it arranged a $125 million loan on behalf of Pearlmark, secured through Blackstone, for the refinance of Tower 56 in Midtown Manhattan. The team was led by NKF Capital Markets Vice Chairmen and Co-Heads, Debt & Structured Finance, Jordan Roeschlaub and Dustin Stolly, along with Managing Directors Nick Scribani and Chris Kramer. The financing will be used to retire existing debt and will include a future funding component to support future leasing costs during the loan term.
The property is a 33-story, Class-A office building with a prime location in the Plaza District, consisting of a total net rentable area of 186,811 square feet. Designed by Fox and Fowle Architects, the property is located on 56th Street between Park and Lexington Avenue and is currently 92 percent leased by a diverse mix of high quality tenants in the finance, legal, technology and entertainment sectors.
“Pearlmark’s extensive capital improvement program has further positioned Tower 56 as a top destination for tenants in the Plaza District,” said Roeschlaub. “The asset’s strong historical occupancy performance coupled with the ability to roll near term below-market leases to market created a competitive lending market,” added Stolly.
Since acquiring the property in 2008, sponsorship has completed extensive capital improvements totaling over $30 million including a full lobby renovation as well as comprehensive building and mechanical system upgrades.
About NKF Capital Markets
NKF Capital Markets, operated by Newmark Group, Inc., is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 16,000 professionals operate from more than 430 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
