RFR Secures $100M Financing for 345 Park Avenue South

RFR Holding GmbH (RFR), a real estate investment firm owned by the RFR Group, announced this week that it had closed on $100 million in financing for 345 Park Avenue South. Through the 10-year CMBS transaction arranged by Citibank, RFR will decease existing debt on the property while taking advantage of low interest rates to reduce its cost of capital going forward, according to a Wall Street Journal report.

"This transaction exemplifies several trends we're seeing in the financing marketplace," said Jason Brown, Head of Acquisitions for RFR. "With strong sponsors like RFR, lenders are now willing to extend the term of the financing beyond the terms of existing leases. There's an understanding that groups with a track record of retaining and attracting tenants are likely to maintain stable performance in the future."

345 Park Avenue sits on a full city block with the front on Park Avenue, the back on Lexington Avenue, between 51st and 52nd Streets in New York. Completed in 1969, the skyscraper stands 634 feet tall and and has 44 floors. Emery Roth & Sons designed the building, which is the 64th tallest in New York. The office floors are 100% occupied by Digitas, a leading digital marketing firm owned by international advertising and public relations company Publicis Groupe.

For more news and information visit Blumberg Capital Partners.