Bank OZK, Carlyle Provide $540M for NYC Tower Construction
Rabina has secured financing for the mixed-use project in Midtown Manhattan.
Rabina has secured $540 million in construction financing to build 520 Fifth Ave. in New York’s Midtown submarket. Bank OZK provided a $410 million senior mortgage and Carlyle supplied $130 million in mezzanine financing through its Global Credit business for the approximately 450,000-square-foot, mixed-use tower.
The 1,000-foot tower will include private residences, office workspaces, ground-floor retail space and public and private recreational areas. Rabina could not confirm specific details about the total square footage each type of space would occupy in the building. The company intends to achieve LEED, WELL and WiredScore certifications for the property.
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“We all experienced a seismic shift over the past two years that deeply impacted the relationship between living and work,” Josh Rabina, president of Rabina, told Multi-Housing News. “By combining residential and boutique offices at 520 Fifth, we strive to create parts that will combine to form a greater whole to create a place where private and public spaces enhance each other, daily life transcends routine, and deep work co-exists with deep connection.”
Rabina broke ground on the project earlier this year but declined to estimate when construction will be completed. It noted that 520 Fifth Avenue will be the second-tallest building on Fifth Avenue, after the Empire State Building, when finished. Kohn Pedersen Fox designed the 1,000-foot tower located at Fifth Avenue and 43rd Street, a block away from Grand Central Station.
“520 Fifth Avenue will be an unprecedented type of urban place that can draw people together and foster community within the urban fabric of Midtown Manhattan,” Rabina said.
Christopher Peck, Geoff Goldstein, Evan Pariser, Marko Kazanjian, Alex Staikos and Madison Warwick with JLL Capital Markets represented Rabina in the financing transactions.