Silverstein Lands $171M Refi for 529 Fifth Avenue

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Silverstein Properties has refinanced its office tower at 529 Fifth Avenue in Midtown, Commercial Observer has learned. 

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JP Morgan Chase provided a $171 million, five-year loan to the landlord in a transaction arranged by Walker & Dunlop’s Aaron Appel, Keith Kurland, Adam Schwartz and Jonathan Schwartz

The deal closed late this afternoon. 

“Despite the near-term challenges presented by COVID, JPM recognized the value of a Class-A asset owned and operated by Silverstein Properties, a best-in-class institutional owner and operator,” Kurland told CO. 

Built in 1958 and renovated in 2016, the asset sits between 43rd and 44th Streets, just north of Bryant Park and two blocks from Grand Central Terminal. Silverstein undertook a $20 million revamp of the property in June after its anchor tenant, accounting firm Citrin Cooperman, announced it would be leaving in September 2021. The firm currently occupies 130,000 square feet in the 283,000-square-foot, 20-story building. 

Sources familiar with the asset told CO that there has been tenant interest in Citrin’s space, but wouldn’t comment further as to the identity of those tenants. 

As part of the revamp, Silverstein hired Architecture Plus Information to design a new lobby plus a 4,500-square-foot amenity space on the ninth floor, branded as The Willow

As previously reported by CO, Silverstein also plans to reconfigure roughly 12,600 square feet of ground floor retail space currently occupied by Best Buy. The retailer’s lease expires at the end of 2021, and Silverstein will begin sweeping renovations on its space once the store vacates. 

Silverstein closed a refinance for another trophy asset, 120 Broadway in FiDi, during COVID-19, just as the pandemic was taking hold in late March. Wells Fargo led the financing in that instance.

And, the Walker & Dunlop team continues to expand. Only yesterday, CO reported that the firm had hired Jon Chassin, formerly a managing partner at Moinian Capital Partners, to spearhead loan sales as well as assisting with debt and equity placement. 

A spokesperson for Silverstein Properties confirmed the detail but declined to comment further. Officials at JP Morgan declined to comment.