A group of investors, led by Empire Capital Holdings, has landed a $215 million loan from Deutsche Bank for a 40-story Manhattan office building. The move allows the joint venture — which also includes the likes of CH Capital Group, Creed Equities and Nassimi Realty — to finance its $320 million acquisition of 1330 Avenue of the Americas. Elliott Kunstlinger and Drew Anderman of Meridian Capital Group, along with an Eastdil Secured team, arranged the financing deal.
“In an extremely challenging market for office financing, we needed to get creative on the placement of this loan,” Kunstlinger said. “Having the right combination of lender and sponsor was a big contributor [to] getting the loan closed.”
Previous owners Blackstone and RXR’s initial asking price was approximately $350 million for the tower. However, the final deal that the parties eventually agreed upon will mostly be used toward the $285 million debt on the building that RXR took out from DekaBank in 2018.
Located between West 53rd and West 54th streets, the tower totals 525,825 square feet. Built in 1965 and renovated in 2007, the Emery Roth & Sons-designed building has had a tumultuous couple of decades. Purchased at the height of the commercial real estate market in 2006 by Harry Macklowe, it commanded a whopping $498 million. Three years later, in the midst of the financial crisis, Macklowe had to auction it off. In 2010, RXR bought the tower off Otera for about $400 million. Five years later, Blackstone became the majority stake owner after it scooped up the property as part of a six-asset portfolio deal.
Currently, 1330 Avenue of the Americas is 90% leased, boasting Knoll, CKR Law and Silvercrest Asset Management Group among its tenants.
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