Newmark Arranges $175M in Debt, Equity for Midtown Manhattan Office Building

NEW YORK CITY — Newmark has arranged $175 million in debt and equity financing for Park 53, a 129,000-square-foot boutique office building in Midtown Manhattan. The financing consists of a $120 million acquisition loan and $55 million in equity from Acres Capital. The 20-story building was originally constructed in 1991 as the New York City headquarters of Santander Bank. The borrower, a joint venture between ZG Capital Partners and Rialto Capital Management, plans to upgrade the lobby and elevators, activate outdoor gathering spaces and add two amenity centers. Dustin Stolly, Jordan Roeschlaub, Daniel Fromm, Eden Abraham and Michael Dorfman led the transaction for Newmark.