RXR Realty borrows $171M from TIAA subsidiary Nuveen for property in Grand Central

RXR Realty through the entity RXR 530 Fifth Office Owner LLC as borrower signed a loan agreement with lender Nuveen, a subsidiary of TIAA, through the entity Cred Reit Holdco TRS LLC valued at $171.0 million for 1 parcel, including the tax class commercial condo recorded in Acris (CC) at 530 5th Avenue in Grand Central. The deal closed on October 15, 2019 and was recorded on October 22, 2019.
The property contains a total of 386,839 square feet of built space.
The average loan per buildable square foot is $393.
The prior debt level of $200 million held by TIAA was reduced to a $152 million senior loan, and a new project loan of $18.8 million was added. The last time the property sold was October 22, 2014, when RXR bought it for $300,000,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on October 26, 2017.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link