Rabina, a New York-based, family-owned and operated, multi-generational real estate investment and development firm, today announced the closing of a half-billion dollar construction financing for 520 Fifth Avenue , the first post-pandemic – and tallest – building in Manhattan to bring together luxury residences, commercial office space, world-class leisure facilities and ground-floor retail under one roof .
With site work already underway, the approximately 450,000 square foot mixed-use tower, located at Fifth Avenue and 43rd Street in the heart of Midtown Manhattan, will be the second-tallest building on Fifth Avenue. , after the Empire State Building.
JLL Capital Markets acted for Rabina in arranging the $540 million financing package consisting of a $410 million senior mortgage provided by Bank OZK and $130 million mezzanine financing provided by the Global business Credit of Carlyle. The JLL Capital Markets team representing Rabina was led by Christopher Peck and Geoff Goldstein and included Evan Pariser, Marko Kazanjian, Alex Staikos and Madison Warwick.
“We are thrilled to have the support of Bank OZK and Carlyle during this extraordinary time of reinvention in New York,” said Josh Rabina, President of Rabina. “520 Fifth gave us the opportunity to engage a world-class design team and start with a clean canvas. We hope to deliver a building worthy of its place in the city’s skyline that will offer New Yorkers a new model for rebalancing work, life and personal growth.
“OZK Bank is very pleased to provide financing for the construction of 520 Fifth Avenue. Rabina is developing a trophy that will maintain a prominent presence in the New York City skyline,” said Richard Smith, managing director, Originations Real. Bank OZK’s Estate Specialties Group.”The combination of premier sponsorship, a renowned asset and a commanding location aligns perfectly with the strategy of the OZK real estate lending platform, and we are proud to ‘be associated with it.’
“The successful capitalization of 520 Fifth Avenue demonstrates that Rabina and his partners have designed a building that will truly reinvent the built environment; a place where we live, work and collaborate long into the future,” said Christopher Peck, Senior Managing Director, JLL Capital Markets. “This vision is evidenced and supported by their ability to secure best-in-class financing through Bank OZK and Carlyle, who also believe in this vision.”
Designed by world-renowned architectural firm Kohn Pedersen Fox (KPF), the 1,000-foot tower will build on the heritage of its neighbors, including the New York Public Library, Grand Central Station, Rockefeller Center and the Chrysler Building to create its own prestigious address.
520 Fifth Avenue was designed to bring people together and foster a new kind of community within the urban fabric of Midtown Manhattan. The tower’s collection of private residences, office workspaces, and public and private recreation spaces will provide places for quiet retreat and lively engagement. Built with the principles of sustainability, health, wellness and connectivity at its core, the project will achieve LEED, WELL and WIREDSCORE certifications.
Located one block from Grand Central Station, 520 Fifth Avenue will stand proudly among the city’s most prestigious office towers and provide easy access to major parks, theaters, cultural institutions and museums.
Through a restructuring and recapitalization in 2019, Rabina became the primary developer of 520 Fifth Avenue.
For more information about Rabina, please visit www.rabina.com.
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