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RXR Realty lands Refi for 470 Vanderbilt Avenue

Bank of America provided the debt

470 Vanderbilt Avenue (Credit: RXR Realty)

RXR Realty has secured $182 million in debt from Bank of America to refinance its leasehold at 470 Vanderbilt Avenue. The Downtown Brooklyn office building spans 650,000 SF, and is located steps away from the Barclays Center.

Financing package details: The five-year loan replaces $142 million in debt provided by J.P. Morgan Chase at the time of the acquisition. It also includes a $25 million mezzanine piece and a $15 million gap mortgage, according to the CO.

Tenants include… The New York City Human Resources Administration (400,000 SF), New York City Housing Authority, and ResCare Workforce Services (59,000 SF). The building is 98 percent occupied.

Flashback: Scott Rechler’s RXR paid $194.5 million for the leasehold in 2014. The firm subsequently spent $74 million renovating and upgrading the property.

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