Rabina closes on $540 million financing for 520 Fifth Ave.
New York, NY Rabina, a multi-generational, family-owned and operated real estate investment and development firm based in New York, has closed on a half-billion-dollar construction financing package for 520 Fifth Ave., the first post-pandemic – and tallest – building in Manhattan to weave together luxury residences, boutique commercial office space, world-class recreational facilities and ground floor retail.
With site work already underway, the approximately 450,000 s/f mixed-use tower, located on Fifth Ave. and 43rd St. in Manhattan's Midtown neighborhood, will be the second tallest building on Fifth Ave., after the Empire State Building.
JLL Capital Markets represented Rabina in arranging the $540 million financing package consisting of a $410 million senior mortgage provided by Bank OZK and $130 million mezzanine financing provided by Carlyle's Global Credit business. The JLL Capital Markets team representing Rabina was led by Christopher Peck and Geoff Goldstein and included Evan Pariser, Marko Kazanjian, Alex Staikos, and Madison Warwick.
"We are thrilled to have the support of Bank OZK and Carlyle at this extraordinary time of reinvention in New York City," said Josh Rabina, president of Rabina. "520 Fifth presented us with an opportunity to mobilize a world-class design team and to start with a clean canvas. We hope to deliver a building worthy of its place in the city's skyline that will offer New Yorkers a new template for rebalancing work, life, and personal fulfillment."
"Bank OZK is very excited to provide construction financing for 520 Fifth Ave. Rabina is developing a trophy asset that will maintain an important presence in the NY city skyline," said Richard Smith, managing director, Originations Real Estate Specialties Group of Bank OZK. "The combination of top tier sponsorship, marquee asset, and dominant location aligns perfectly with the OZK real estate lending platform strategy, and we are proud to be associated with it."
"The successful capitalization of 520 Fifth Ave. demonstrates that Rabina and their partners designed a building that will truly re-imagine the built environment; one where we live, work, and collaborate well into the future," Christopher Peck, senior managing director, JLL Capital Markets said. "This vision is evidenced and supported by their ability to secure best-in-class financing through Bank OZK and Carlyle, who believe in this vision as well."
Designed by architectural firm Kohn Pedersen Fox (KPF), the soaring 1,000-foot tower will draw upon the legacy of its neighbors, including the New York Public Library, Grand Central Station, Rockefeller Center, and the Chrysler Building to create its own prestigious address.
Built with the principles of sustainability, health, wellness, and connectivity at its central core, the project will achieve LEED, WELL, and WIREDSCORE certifications.