RXR closed $800M in debt over two days

Scott Rechler’s firm refinanced two trophy Manhattan properties last Thursday and Friday

TRD NEW YORK /
Apr.April 15, 2019 07:30 AM
RXR Realty CEO Scott Rechler with 32 Old Slip and a rendering of Pier 57 (Credit: Getty Images)

RXR Realty CEO Scott Rechler with 32 Old Slip and a rendering of Pier 57 (Credit: Getty Images)

Scott Rechler’s RXR Realty sewed up two major refinancing deals within about 24 hours.

The first deal, at Pier 57, with Youngwoo & Associates, was a 10-year, $375 million balance sheet loan from Nuveen Real Estate, Commercial Observer reported. Ackman-Ziff arranged the financing and the deal closed Thursday.

The second refinancing was for an office building at 32 Old Slip. The $404 million floating-rate, five-year loan was provided by Mesa West Capital, according to the Observer. The deal closed late Friday afternoon and was brokered by NKF Capital Markets’ Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer and Dylan Kane.

At Pier 57, the anchor tenant Google is leasing about 350,000 square feet in the complex’s 480,000-square-foot office component. The tech giant upped the size of its lease at the rehabilitated pier last year. Of RXR and Youngwoo’s $375 million refinancing, $50 million is earmarked for finishing off the project’s construction and moving in tenants.

Meanwhile, RXR’s deal at 32 Old Slip comes following a major overhaul of the building’s lobby. The office tower is reportedly 90 percent leased with tenants including Cahill Gordon & Reindel. The law firm signed one of last year’s Downtown’s biggest leases, at more than 200,000 square feet, at 32 Old Slip.

RXR bought the office building in 2015 for $675 million before selling the land to a David Werner-led partnership and securing a 150-year leaseback arrangement. [CO]Erin Hudson


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