Cushman & Wakefield’s Equity, Debt and Structured Finance group served as an exclusive advisor to an affiliate of Thor Equities on a $100 million loan for 590 Fifth Avenue in New York City. The loan features a floating interest rate and includes both senior and mezzanine components.
The property is a 19-story, 100,000-sq.-ft. retail and office building located just one block from the Rockefeller Center. The NBA store and AT&T occupy the retail portion of the building.
Dave Karson, Steve Kohn, Alex Hernandez, Kate Pelet and John Spreitzer, of Cushman & Wakefield, helped negotiate this transaction.
“The capital markets are bullish on retail and the Fifth Avenue corridor is ultra hot,” said Dave Karson, executive managing director with the Equity, Debt and Structured Finance group, in a statement. “Demand for quality office and retail in New York City is exceptional right now and we were able to optimize proceeds for the borrower on highly attractive terms and close the loan in less than three weeks.”