Jeff Sutton’s Wharton Properties has secured a $235 million loan from Aareal Capital Corporation to refinance 724 Fifth Avenue, according to the Real Deal. The retail and office property spans 65,000-SF, and includes Prada’s flagship store.
- Financing details: The new loan replaces a previous refi in 2017, which Aareal also provided for the same amount.
- Worth Noting: Prada occupies over four floors of retail space spread across 15,540 SF, in addition to 5,200-SF of office space on the fifth floor. The Italian fashion designer’s rent is $19 million annually, with their lease running through 2028. Prada and Sutton have been engaged in a legal dispute for more than a year that stems from planned renovations to the building. [TRD+GlobeSt]