What's Next for Midtown Scaffolding?

The re-boot of a prime Grand Central property is closer to reality after a major financing deal was closed on the property by its owner-investors, RXR Realty and Walton Street Capital.

On its web page for the property, 237 Park Avenue--a 21 floor, 1.2 million-plus building between E. 45th and E. 46th Sts. adjacent to Grand Central entrances--RXR has promised "a multi-million dollar interior/exterior repositioning planned to transform the asset into one of the finest in the Grand Central area."

Yesterday, the Real Deal reported that RXR and Walton Street, which just purchased this property this year for about $810 million, got $165 million in mezzanine financing for the renovation.

There were several marquee real estate names in the deal in addition to the principal investors.  The article says that the loan was provided by SL Green Realty and the Blackstone Group at a 7%, citing Jones Lang LaSalle, which the article says helped arrange the deal.

"RXR and Walton will receive a total of $125 million up front and could receive as much as $40 million more," the item says. 

You can read the Real Deal item HERE.



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