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RXR has secured $407 million in mortgage financing, led by Morgan Stanley and including Bank of America, to refinance 450 Lexington Avenue, a Class-A office tower in Midtown Manhattan. Walker & Dunlop Capital Markets Institutional Advisory arranged the transaction on behalf of RXR, PSP Investments, and institutional investors advised by J.P. Morgan Asset Management.
The new loan replaces a $272 million mortgage on the property and provides additional capital to support its $300 million redevelopment. 450 Lexington is fully leased to long-term tenants, including Davis Polk & Wardwell and Warburg Pincus.
“450 Lexington represents exactly the kind of institutional, transit-oriented asset capital providers are competing for in today’s market,” said Aaron Appel, senior managing director and co-head of Institutional Advisory at Walker & Dunlop. “Liquidity is firmly in place for best-in-class Midtown product, and the building’s long-dated, blue-chip income stream drove significant competition among lenders. We’re proud to have partnered with the sponsor team and delivered a highly successful outcome.”
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