The Real Deal New York

RFR finances 285 Madison for second time in one year

The $270M loan adds $40M onto remainder of previous package
By Will Parker | November 09, 2017 06:39PM

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285 Madison Avenue and Aby Rosen

This story has been updated to reflect the total loan size has grown to $485 million.

UPDATED Nov. 28, 2:00 p.m.: Aby Rosen’s RFR Realty refinanced the office building at 285 Madison Avenue with $270 million in loans from Natixis Real Estate, documents recorded by the city Thursday show.

The loan replaces earlier debt provided by Goldman Sachs and Aareal Bank just last December and adds an additional $40 million to the outstanding $230 million balance. At the time, Rosen bought out its partners GreenOak Real Estate, East End Capital and Downtown Properties’ combined 85 percent equity stake in the building for $334.1 million.

Fashion house Tommy Hilfiger signed to move its headquarters to the address in February, taking 200,000 square feet, or more than a third of the building.

A spokesperson for RFR did not respond to a request for comment.

RFR’s Rosen is elsewhere working to rebrand a luxury condominium he built in Midtown into a Downtown-style destination, after an apparently sluggish start to sales. At the Lever House, Rosen faces foreclosure if he is not able to work out the terms of a ground lease.

In July, Rosen refinanced another of his office properties, 90 Fifth Avenue, with a $105 million loan from Goldman Sachs.

On Nov. 28, the Commercial Observer reported that Korea-based KTB Asset Management co-originated additional refinancing, bringing the total to $485 million.