The Real Deal New York

Aby Rosen’s RFR refinances two 45th Street buildings for $200M

Developer has been renewing loans across its portfolio for the last couple of years
By Will Parker | September 19, 2018 12:00PM

Aby Rosen and 350 Madison Avenue (Credit: Getty Images, Merchants Hospitality, and RFR Realty)

Aby Rosen’s RFR Realty refinanced two Midtown buildings with a $200 million loan package.

The New York State Teachers’ Retirement System will provide a $25 million gap mortgage on top of an existing $175 million in debt, backed by both 350 Madison Avenue and 10 East 45th Street, records filed with the city Wednesday show.

RFR bought 350 Madison Avenue, a 25-story office property, for $262 million in 2013. The deal also included the adjacent retail property at 10 East 45th Street. The company has refinanced a number of its holdings over the last 16 months, including 90 Fifth Avenue and 285 Madison Avenue.

There was one refinancing Rosen wasn’t able to get, however. Brookfield Properties and Waterman Interests took over RFR’s ground lease at Lever House in July after Rosen’s firm failed to secure the debt it needed to keep the property.

Newmark Knight Frank’s Dustin Stolly and Jordan Roeschlaub arranged the 350 Madison financing.