RXR lands $260 million refi for 75 Rockefeller Plaza

Bank of America, Carlyle Group provided financing

RXR Realty’s Scott Rechler and 75 Rockefeller Plaza (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, dconvertini/CC BY-SA 2.0/via Wikimedia Commons)
RXR Realty’s Scott Rechler and 75 Rockefeller Plaza (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, dconvertini/CC BY-SA 2.0/via Wikimedia Commons)

RXR Realty has secured a nine-figure loan for one of Midtown Manhattan’s most recognizable office and retail buildings.

The firm landed a $260 million refinancing for 75 Rockefeller Plaza from Bank of America and the Carlyle Group. A Newmark team of Jordan Roeschlaub and Dustin Stolly brokered the deal.

The loan was a refinancing of mature debt at the tower, according to a Newmark spokesperson. Bloomberg was first to report on the transaction.

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RXR CEO Scott Rechler and 620 Sixth Avenue (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images, Beyond My Ken, CC BY-SA 4.0 - via Wikimedia Commons)
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Built in 1947, the 33-story skyscraper spans 627,000 square feet on 51st Street between Fifth and Sixth avenues. The property’s notable tenants include WeWork, Bank of America and Convene, with American Girl serving as the ground-floor retail anchor.

RXR Realty reached a $500 million deal in 2012 to fully lease the skyscraper for 99 years and provide renovations to the structure.

The firm put $150 million into improving the building in 2017. The upgrades included restoring the tower’s facade, constructing a new lobby and entrance, and polishing up building systems.

Manhattan’s office market has faced an uncertain future in the wake of the pandemic, possibly dampening lender interest as tenants weigh their real estate needs with flexible work arrangements. Big-ticket refinancings for office buildings were some of the largest commercial loans in Manhattan in July.

Some of the top deals included Eli Elefant’s Property & Building Corporation refinancing the HSBC tower in Midtown with $315 million from JPMorgan and SL Green securing $370 million from Aareal Capital to refinance its 930,000-square-foot office building at 100 Church Street in Tribeca.