HKS Capital Partners has brought in Oritani Bank to provide a $30 million loan for Oakley’s New York flagship store at 560 Fifth Avenue in Times Square.
Jerry Swartz and Michael Lee of HKS Capital Partners brokered the deal.
The loan was made to an affiliate of the Riese Organization that replaces existing debt from New York Community Bank and provides additional funding for the property, according to Lee.
The five-year deal, comes with a five-year extension option and a 30-year amortization schedule. The loan carries an interest rate below four percent.
“This speaks to our commitment to provide financing for strong transactions with established borrowers at premier locations,” said Oritani senior vice president David Garcia.
Financing on the 13,580 s/f five-story building, which was completed in 1907, dates back to 1910. Oakley signed a 10-year lease for 6,800 s/f across the building’s ground, second and below-grade levels in June 2013.
The Reise Organization, which purchased the building in the late 1970’s, has executive offices above the sports apparel store.
The sponsor, which owns and operates about 50 restaurants in the New York metropolitan area, is one of the largest restaurant management companies in the city.