The Real Deal New York

RFR lands $245M in financing for 285 Madison

Goldman Sachs, Aareal Capital provided the loan package
By Kathryn Brenzel | December 21, 2016 12:30PM

285 Madison Avenue and Aby Rosen

Aby Rosen’s RFR Realty has landed $245 million in loans for a Midtown office building it took over earlier this year.

Goldman Sachs and Aareal Capital Corporation provided a $200 million mortgage loan to replace previous outstanding loans of $148.3 million at 285 Madison Avenue, records filed with the city on Wednesday show. The lenders also supplied $45 million in construction loans to replace previous funding.

RFR paid $334.1 million to buy its partners — GreenOak Real Estate, East End Capital and Downtown Properties — out of their combined 85 percent stake in the building. Two months after the deal was announced, sources told The Real Deal that Tommy Hilfiger planned to move his company headquarters to the Madison Avenue building. At last check, the company was in late-stage negotiations to take 150,000 square feet in the building. Asking rents at the property range from the $60s to $80s per square foot.

In May, GE Capital and Misys inked leases at the building. GE took 43,000 square feet, and Misys agreed to lease 23,000 square feet.