Newmark Knight Frank Secures $404M Office Refinancing

Newmark Knight Frank, New York, arranged a $404 million floating-rate loan to refinance 32 Old Slip in Manhattan.

NKF Vice Chairmen Dustin Stolly and Jordan Roeschlaub led a debt placement team that included Managing Directors Nick Scribani and Chris Kramer and Director Dylan Kane.

RXR Realty, New York, refinanced the 1.15-million-square-foot Class A downtown Manhattan office building. The Real Deal New York reported RXR bought 32 Old Slip in 2015 for $675 million.

Mesa West Capital, Los Angeles, funded the loan.

The 36-story property dates to 1987. It sits on Old Slip between Front and South Streets and is more than 90 percent leased with a weighted-average lease term exceeding 10 years. More than 150,000 square feet of leases are currently greater than 10 percent below market and will expire during the loan term, so RXR recently completed a multi-million-dollar lobby renovation and infrastructure upgrades to increase rents per square foot.

Major property tenants include Cahill Gordon & Reindel, DAIWA Securities and the U.S. Census Bureau.

Roeschlaub, Stolly and Kramer with Associate Director Josh Egert also secured $31 million for 200 SE 1st Street in Miami, a 12-story, 142,000-square-foot office building with street-level retail.

Varde Partners, Minneapolis, supplied the refinance loan to Brickman, New York.

Brickman purchased the downtown Miami building in 2016 and immediately launched a capital improvement plan to reposition the asset as a Class A property.