Cushman & Wakefield served as the exclusive advisor to affiliates of Silverstein Properties, Inc. and Loeb Partners Realty in arranging an $85 million loan for 529 Fifth Avenue.
The seven-year financing was provided by Wells Fargo.
Steve Kohn, Dave Karson, Alexander Hernandez, and Sridhar Vankayala of Cushman & Wakefield’s Equity, Debt and Structured Finance team represented the ownership.
“The property has strong in-place cash-flow with great upside potential,” said Hernandez, a managing director at the firm.
529 Fifth Avenue is a 19-story office building with 282,696 s/f of rentable area, including 18 floors of office space, with retail on the ground, mezzanine and basement floors.
It is designed with five setbacks, creating five separate classes of floor plates, enabling the property to accommodate various space requirements.
