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Rithm Secures $500M Midtown Refi | Real Estate News
Rithm Capital is closing in on a $500 million refinancing for 31 West 52nd Street in Midtown Manhattan, combining a $415 million CMBS loan with $85 million in mezzanine debt — a major move since their recent acquisition of Paramount Group. Rithm is putting serious skin in the game, contributing $72 million in equity via Elecor Properties and reserving $43 million for leasing and upgrades. The loan carries a 6.85% rate, maturing in December 2029. The building is 86.5% occupied, with a recent $130,000 sq ft lease signed, but 41% of leases expire by 2030. Tenants pay $81/sq ft — below market…
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