Walker & Dunlop, Inc. has arranged a $228.9 million refinancing for 295 Fifth Ave., a 19-story Class A office tower in Manhattan’s Midtown South submarket. The property, widely recognized as the Textile Building, is a century-old landmark that historically served as a hub for New York City’s textile industry and has recently undergone a comprehensive redevelopment.
The financing replaces existing debt on the 707,181-square-foot office tower following its modernization. The loan is structured as a floating-rate, interest-only bridge facility, providing the ownership with flexible capital after completing the redevelopment program. The asset’s repositioning supports its current branding as a high-quality office destination within Midtown South.
Walker & Dunlop Capital Markets Institutional Advisory represented the ownership, a joint venture comprising PGIM, Tribeca Investment Group, and Meadow Partners. The advisory team included Dustin Stolly, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Michael Brown, Christopher de Raet, and Jack Krentzman, who collectively led the mandate for the borrower.
Capital for the refinancing was provided by a joint venture between Rialto Capital Management LLC and Hines, which supplied the floating-rate, interest-only bridge loan. The structure is designed to support the business plan at 295 Fifth Ave. following its redevelopment and leasing progress, positioning the asset for continued performance in the Midtown South office market.
The upgraded tenant mix at the Textile Building includes Bridgewater Associates, described as the world’s largest hedge fund, and Quinn Emanuel, noted as one of the world’s leading litigation firms. Their presence underscores the property’s appeal to prominent financial and legal occupiers seeking modern, Class A space in a central Manhattan location. Commenting on the transaction, Dustin Stolly said that 295 Fifth Ave. exemplifies the type of high-quality, well-positioned office asset that continues to see strong tenant demand in Midtown South.
The refinancing transaction highlights continued capital flows into recently redeveloped, institutional-grade office properties with established tenancy. The combination of a landmark address, substantial scale, and a roster of high-profile occupiers has supported lender interest in the building, even as broader office market conditions remain selective.
