Rabina, a multi-generational, family-owned and -operated real estate investment and development firm based in New York, has closed a $540 million financing package for 520 Fifth Ave., the first post-pandemic — and tallest — building in Manhattan to weave together luxury residences, boutique commercial office space, world-class recreational facilities and ground-floor retail all under one roof.
With site work already underway, the approximately 450,000-square-foot mixed-use tower, located on Fifth Avenue and 43rd Street in the heart of Manhattan’s Midtown neighborhood, will be the second tallest building on Fifth Avenue, after the Empire State Building.
JLL Capital Markets represented Rabina in arranging the package, consisting of a $410 million senior mortgage provided by Bank Ozk and $130 million mezzanine financing provided by Carlyle’s Global Credit business. The JLL Capital Markets team representing Rabina was led by Christopher Peck and Geoff Goldstein and included Evan Pariser, Marko Kazanjian, Alex Staikos and Madison Warwick.
“We are thrilled to have the support of Bank Ozk and Carlyle at this extraordinary time of reinvention in New York City,” said Josh Rabina, president of Rabina. Through restructuring and recapitalization in 2019, Rabina became the lead developer of 520 Fifth Avenue. “520 Fifth presented us with an opportunity to mobilize a world-class design team and to start with a clean canvas. We hope to deliver a building worthy of its place in the city’s skyline that will offer New Yorkers a new template for rebalancing work, life, and personal fulfillment.”
“The successful capitalization of 520 Fifth Avenue demonstrates that Rabina and their partners designed a building that will truly re-imagine the built environment; one where we live, work, and collaborate well into the future,” Christopher Peck, senior managing director, JLL Capital Markets, said. “This vision is evidenced and supported by their ability to secure best-in-class financing through Bank Ozk and Carlyle, who believe in this vision as well.”
Designed by architectural firm Kohn Pedersen Fox (KPF), the 1,000-foot tower will be constructed with the principles of sustainability, health, wellness and connectivity at its central core, achieving LEED, Well and Wiredscore certifications.
