PGIM has provided an $88.5 million loan to Madison Capital and Lubert-Adler Partners to refinance 71 Fifth Avenue.
The three-year bridge financing includes two, one-year extension options and will be utilized while Madison Capital completes re-leasing the remaining top two office floors and corner retail.
“Since acquiring 71 Fifth Avenue in 2017, we undertook efforts to modernize the property, enhance tenancy and give the building a stronger identity in the market,” said Jonathan Ratner, Managing Director for Madison Capital. “PGIM was flexible in structuring the financing to meet our needs for the next phase of the investment. We will work closely with PGIM to continue executing redevelopment plans and bring this premier asset to full stabilization.”
Justin Levitt led the transaction on behalf of PGIM. Meridian Capital Group served as the broker.