Northwestern Mutual Provides $165M Refi to JP Morgan for Midtown Rental Tower

J.P. Morgan Investment Management has secured $165 million to refinance 776 Avenue of the Americas, also known as The Capitol, a 387-unit multifamily building in Midtown Manhattan. 

PincusCo first reported the refinancing. 

Northwestern Mutual Life Insurance provided the loan. Property records show an existing $118 million senior loan from PGIM Real Estate and also a $46.9 million gap mortgage. Eastdil Secured’s Ken Ziebelman and Ethan Pond arranged the financing

J.P. Morgan Investment Management purchased 776 Avenue of the Americas in 2012 through a $130 million loan from HSBC Bank. PGIM Real Estate provided a $130 million loan for the property in March 2020, according to property records. 

Standing between West 26th Street and 27th Street, The Capitol is near both Madison Square Park and the Flatiron District. The 39-story building opened in 2001 and spans 454,538 square feet. Amenities include a 24-hour concierge, a fitness center, a rooftop lounge, a dog wash, a movie theater, and valet services. 

J.P. Morgan Chase did not respond to requests for comment. 

Brian Pascus can be reached at bpascus@commercialobserver.com