RFR pulls in $100M refinancing for 160 Fifth Avenue
Aby Rosen’s RFR Holdings has secured $100 million in financing for 160 Fifth Avenue. The move will enable RFR to retire $65 million in existing debt on the boutique office property, which it acquired in 2005.
“We continue to pursue our portfolio-wide strategy to limit rate exposure through refinancing,” Mark Weiss, chief investment officer at RFR, said in a statement. “RFR has 100 percent leased the property and completed a major renovation and restoration program that substantially enhanced the value of the asset.”
RFR paid around $70 million to acquire the 107,000-square-foot building eight years ago, then gutted it from 2007 to 2009.
Simons Foundation, hedge fund manager James Simons’ private charitable foundation, is the building’s largest tenant with 76,000 square feet.
The nine-story buiding was 89 percent leased when RFR landed a $65 million, five-year refinancing from Westdeutsche ImmobilienBank and M&T Bank in January 2011. The property was brought to full occupancy by November 2012. [GlobeSt] — Julie Strickland