693 Fifth Avenue - Manhattan, NYManhattan, NY CBRE capital markets’ debt & structured finance team has arranged $250 million in financing for the acquisition of 693 Fifth Ave., a 20-story, 96,500 s/f class A retail and boutique office building.
Shawn Rosenthal, executive vice president, and Jason Gaccione, senior vice president, of CBRE’s Midtown Manhattan office worked on behalf of an affiliate of Fimalac, a Paris, France-based holding company with diverse holdings around the world, to secure the acquisition loan.
The 10-year fixed-rate loan was funded by JP Morgan Chase Bank, NA. Fimalac’s acquisition was advised by Savitt Partners who will also retain management and leasing.
Rosenthal said, “The financing markets truly embraced this trophy building, its prime Fifth Ave. location, and the strong overseas buyer and their commitment to the asset. We were able to quickly and effectively cover the broad financing markets, including balance sheet and CMBS lenders, and within a short 30-day period, deliver the buyer a long-term financing solution at a historically low interest rate.“
693 Fifth Ave. is situated along the east side of Fifth Ave., between 54th and 55th Sts. The asset—originally built as the Takashimaya department store—was recently redesigned by the renowned architect David Chipperfield and redeveloped by Thor Equities. The redevelopment features a spectacular eight-story glass and steel façade, a black and white marble lobby, and entirely new building systems. The asset is anchored by fashion retailer Valentino’s U.S. flagship store.
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