295 Fifth Avenue Secures $228.9M Refinancing After Major Renovation
- ARCFE U.S.
- Jul 20
- 2 min read
A joint venture of PGIM Real Estate, Tribeca Investment Group and Meadow Partners has secured a $228.9 million refinancing loan for 295 Fifth Avenue, a renovated office building in Manhattan’s Midtown South neighborhood.
According to Commercial Observer, Rialto Capital Management and Hines provided the new floating-rate, interest-only bridge loan. The financing was arranged by Walker & Dunlop.
Also known as the Textile Building, 295 Fifth Avenue is a 19-story office property located between East 30th and East 31st streets. The building contains approximately 707,181 square feet and recently underwent a major renovation intended to reposition it for modern office tenants.
The new loan replaces a $150 million refinancing completed in 2022. The property is currently reported to be approximately 50 percent occupied as ownership continues working toward stabilization.
Recent leasing has helped support that effort. Hedge fund Bridgewater Associates signed a lease for approximately 60,000 square feet in 2024, while law firm Quinn Emanuel Urquhart & Sullivan previously committed to roughly 132,000 square feet.
Why the 295 Fifth Avenue Refinancing Matters for New York Real Estate
The transaction shows that renovated, well-located New York office properties can still attract substantial financing before reaching full occupancy.
For clients following the market, the useful takeaway is that occupancy alone does not tell the entire story. Recent leasing, building improvements and a credible plan to reach stabilization can also influence lender interest.
EB-5 Investor Insight
1. Property improvements should lead to real tenant demand
Renovation can improve a building’s competitiveness, but its value becomes more meaningful when major tenants are willing to sign long-term leases.
2. Refinancing should be understood in context
A bridge loan can provide time and capital for continued lease-up, but it is not the same as permanent financing. Investors should understand what milestone the loan supports and how the property is expected to reach stabilization.
Investors can review ARCFE’s overview of the EB-5 Immigrant Investor Program.
Related ARCFE Resources
Review key travel, tax, residency and immigration considerations after receiving a conditional green card.
Learn how senior debt, mezzanine financing and equity differ in repayment priority and risk exposure.
Understand how investors can evaluate financing, market demand, collateral and project execution beyond marketing materials.
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Official Source
Primary Source: Commercial Observer — Rialto and Hines Refinance 295 Fifth Avenue With $229 Million Loan
Disclaimer: Articles published under the "News" category are curated from third-party media sources for informational purposes only. ARCFE does not claim ownership of the original content, nor does it guarantee the accuracy, completeness, or timeliness of the information presented. The views and opinions expressed in these articles are those of the original authors and do not necessarily reflect the position of ARCFE. Nothing contained herein constitutes investment, legal, or tax advice. Readers are encouraged to consult with qualified professionals before making any investment decisions.
