Rialto, Hines Refi 295 Fifth With $229M Loan
By Andrew Coen July 20, 2026 3:36 pm
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A joint venture consisting of PGIM, Tribeca Investment Group and Meadow Partners has landed a $228.9 million loan to refinance a newly-renovated 19-story office tower in Manhattan’s Midtown South neighborhood.
Rialto Capital Management, as part of a joint venture partnership with Hines, supplied the floating-rate, interest-only bridge debt for the sponsorship’s 295 Fifth Avenue property — also known as the Textile Building.
The deal closed nearly four years after the 707,181-square-foot building sealed a $150 million refi from Deutsche Pfandbriefbank in November 2022.The transaction garnered a half dozen proposals and came down to in a battle between Rialto in their JV with Hines and another “massive balance sheet lender,” according to a source familiar with the deal. The building is now around 50 percent occupied and on a quick path to stabilization with “momentum” firmly on its side after renovations, the source said.
Located between 30th Street and 31st Street, the office building inked a 60,000-square-foot lease from hedge fund Bridgewater Associates in September 2024 following its renovation. It also secured a 132,000 square-foot lease from law firm Quinn Emanuel Urquhart & Sullivan in November 2023.
Walker & Dunlop negotiated the debt with a capital Markets institutional advisory team of Dustin Stolly, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Michael Brown, Christopher de Raet and Jack Krentzman.
“295 Fifth Avenue exemplifies the type of high-quality, well-positioned office asset that continues to attract strong tenant demand in Midtown South,” Stolly, senior managing director of capital markets institutional advisory at Walker & Dunlop, said in a statement. “With its premier tenant roster and location in one of Manhattan’s most active and supply-constrained office corridors, the property is exceptionally positioned to benefit from continued demand for high-quality office space.”
Rialto Capital Management, Hines, PGIM, Tribeca Investment Group and Meadow Partners did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
