ACORE Capital Refis 511 Fifth Avenue With $46M Loan
The 18-story office building recently expanded with 16,000 square feet of renovated space
By Andrew Coen October 20, 2026 11:44 am
reprints
A joint venture involving Wharton Properties, Aurora Capital Associates and ACHS Management has secured a $45.5 million loan to refinance a Midtown Manhattan office property, Commercial Observer has learned.
Acore Capital supplied the nonrecourse loan for the sponsorship’s 18-story office building at 511 Fifth Avenue that was recently redeveloped with 16,000 square feet of renovated space. The 1918-built property at the corner of Fifth Avenue and 43rd Street has seen leasing momentum of late with recent two-floor deals signed by GE Aerospace and WeWork along with a 9,812-square-foot lease from French consulting firm Wavestone.
Meridian Capital Group negotiated the debt with a team led by Aaron Birnbaum.
“The sponsorship team have done an exceptional job repositioning 511 Fifth Avenue, and the leasing results speak for themselves,” Birnbaum, co-founder and executive vice president at Meridian, said in a statement. “With new tenants signing while the loan was in process, our focus was keeping ACORE and the sponsors moving in lockstep as the rent roll grew.”
Located a block north of the New York Public Library’s main building, 511 Fifth has amenities on the 15th floor that include a lounge, a juice bar and a fitness center. North Face, a global outdoor brand, opened a two-story, 21,000-square-foot flagship store at the base of the tower in November 2025.
Spokespeople for ACORE Capital, Wharton Properties, Aurora Capital Associates and Achs Management did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
