By Al Barbarino
Cushman & Wakefield’s Equity, Debt & Structured Finance group has arranged a $100 million financing for an affiliate of Thor Equities at 590 Fifth Avenue in Midtown Manhattan.
The 19-story, 100,000 s/f retail and office building is situated within the highly coveted Fifth Avenue retail corridor, on the west side of Fifth Avenue between 47th and 48th Streets, and just one block south of Rockefeller Center.
The property’s retail space, along Fifth Avenue, is currently occupied by the AT&T and the NBA store.
“The capital markets are bullish on retail and the Fifth Avenue corridor is ultra hot,” said Dave Karson, an executive managing director at Cushman & Wakefield Equity, Debt and Structured Finance, in a statement. “Demand for quality office and retail in New York City is exceptional right now, and we were able to optimize proceeds for the borrower on highly attractive terms and close the loan in less than three weeks.”
The floating-rate financing includes both senior and mezzanine components.
The Cushman & Wakefield team included Karson, Steve Kohn, Dave Alex Hernandez, Kate Pelet and John Spreitzer.