RFR Holding secured a $ 238 million loan to refinance its offices and retail businesses on Manhattan’s Upper East Side.
Swiss credit provided RFR’s 1.35 million square foot property fixed rate debt over 980 Madison Avenue, in a transaction arranged by Newmark‘s Dustin Stolly and Jordan roeschlaub.
RFR and Newmark officials could not be reached for comment on the deal. Credit Suisse officials declined to comment.
The funding was first reported this morning by Commercial mortgage alert.
RFR will use the loan proceeds to repay $ 230 million of existing debt maturing in May, provided by Community Bank of New York and Invesco, according to sources. The business will also use a portion of the proceeds for rental costs and leasehold improvements.
The 72-year-old 980 Madison property is anchored by the Gagosian Gallery, which occupies a 56,000-square-foot seat in the building as well as an art exhibition space, according to offer memorandum documents. The company still has four years on its current lease term and recently invested $ 5 million to renovate interiors with roughly half of its fifth floor footprint.
Other large tenants include Ramsfield Hotel Alliance and JN Contemporary Art, which like Gagosian also has leases until early 2025. The property also houses retail space on the ground floor and in the basement.