RFR Holding received a $ 238 million loan to refinance its office and retail property on Manhattan’s Upper East Side.
Credit suisse provided a fixed-rate debt package for the 1.35 million square foot RFR building at 980 Madison Avenue, in a transaction organized Newmarkfrom Dustin Stolley as well as Jordan Roschlaub…
Representatives of RFR and Newmark could not be reached for comment on the deal. Credit Suisse declined to comment.
Funding was first announced this morning Commercial Mortgage Notice…
RFR will use the proceeds from the loan to repay its existing $ 230 million debt due in May, provided by New york community bank as well as Invesco, according to sources. The firm will also use a portion of the proceeds to cover rental costs and improve housing conditions.
72-year-old 980 Madison is anchored Gagosian Gallery, which occupies a 56,000-square-foot headquarters in the building along with art exhibition space, according to memoranda. The company has four years left until its current lease term, and recently invested $ 5 million in interior renovations for about half of the fifth floor.
Other major tenants include Rumsfield Hotel Union as well as Jn contemporary art, who, like Gagosian, also have leases until early 2025. The property also has retail space on the basement and basement floors.