Bank of America, Carlyle Refinance RXR’s 75 Rock with $260M Loan

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Bank of America supplied a $208 million senior loan in RXR’s $260 million refinancing of 75 Rockefeller Plaza, while The Carlyle Group provided a $52 million mezzanine loan, Commercial Observer has learned.

The five-year floating-rate loan is indexed to SOFR and priced at S+395 basis points, sources familiar with the deal told CO. 

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The transaction came a year and a half after Carlyle Group hired Roger Cozzi from AllianceBernstein as head of real estate credit as part of an increased push for opportunities in the commercial real estate debt space. Carlyle also tapped David Schonbraun, a former chief investment officer at SL Green Realty Corp., as lead its U.S. real-estate credit arm under Cozzi. 

Newmark arranged the financing with a team led by Jordan Roeshlaub, Dustin Stolly and Nick Scribani.

RXR, whose headquarters are housed at 75 Rock, acquired the leasehold interest on the 627,000-square-foot tower in 2013. The company invested $150 million for property improvements in 2017 that included restoration of the limestone building façade, a new lobby and main entrance, upgraded elevators, new windows and modernized building systems. 

The 1947-built 75 Rock is on West 51st Street between Fifth Avenue and Avenue of the Americas. It features expansive floor plates that are conducive to a variety of layouts. Current office tenants include Bank of America and WeWork. American Girl anchors the ground-floor retail space.

In a release, Stolly said of 75 Rock, “the asset’s fundamentals are reflective of lender requirements in today’s market: A+ sponsorship, investment-grade tenancy and a superior capital improvement program in proximity to tremendous lifestyle amenities.”

Officials at Carlyle Group did not immediately return a request for comment. Bank of America and RXR declined to comment. 

Andrew Coen can be reached at acoen@commercialobserver.com