Walker & Dunlop Secures $228.9 Million Refinancing for Iconic Manhattan Landmark
In a significant move that underscores the ongoing demand for premium office space in Manhattan, Walker & Dunlop, Inc. has announced the successful arrangement of $228.9 million in financing to refinance the historic Textile Building, located at 295 Fifth Avenue. This 19-story Class A office tower, which has recently undergone extensive redevelopment, stands as a testament to the evolving landscape of New York City's commercial real estate.
1. A Historic Transformation
Originally built over a century ago, the Textile Building has long been a central figure in New York's textile industry. Now, following a comprehensive redevelopment, it has been transformed into a modern office space encompassing an impressive 707,181 square feet. The building has attracted high-profile tenants, including Bridgewater Associates—the world's largest hedge fund—and Quinn Emanuel, a top litigation firm. Such prestigious occupants highlight the property’s status as one of the premier office destinations in Manhattan.
Dustin Stolly, Senior Managing Director of Capital Markets Institutional Advisory at Walker & Dunlop, commented on the significance of the refinancing. "295 Fifth Avenue exemplifies the type of high-quality, well-positioned office asset that continues to attract strong tenant demand in Midtown South," he stated. Stolly emphasized the firm's gratitude for the opportunity to support the financing of a property that has been thoughtfully reimagined for today’s office market.
2. Collaboration with Major Players
Walker & Dunlop Capital Markets Institutional Advisory acted as the exclusive advisor for the joint venture, which includes notable investors PGIM, Tribeca Investment Group, and Meadow Partners. The financing arrangement involved a floating-rate, interest-only bridge loan, with capital provided by a joint venture between Rialto Capital Management LLC and Hines. The team at Walker & Dunlop that facilitated this financing comprised industry veterans including Stolly, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Michael Brown, Christopher de Raet, and Jack Krentzman.
3. An Unparalleled Location
Situated on Fifth Avenue, 295 Fifth Avenue occupies a prime city block between 30th and 31st Streets in one of Manhattan's most sought-after office submarkets. The building is surrounded by a wealth of amenities, including fine dining, retail, hospitality, and recreational options, notably Madison Square Park. Its strategic location ensures that tenants are within a short 10-minute walk of both Grand Central Terminal and Penn Station, providing them with access to 16 subway lines and various regional rail services.
The building’s location not only enhances its appeal but also positions it favorably within the densely populated residential neighborhoods of NoMad, Gramercy, Chelsea, and Murray Hill. This proximity to vibrant communities further solidifies its status as a desirable workplace.
4. Walker & Dunlop's Expertise
The refinancing of the Textile Building exemplifies Walker & Dunlop's robust capabilities in the commercial real estate finance sector. In 2025 alone, the firm's Capital Markets team sourced over $22 billion from non-Agency capital providers, with nearly $16 billion allocated specifically for multifamily properties. This extensive experience has established Walker & Dunlop as a leading advisor across diverse asset classes for top developers, owners, and operators in the industry.
As the demand for high-quality office space continues to rise in Midtown South, Walker & Dunlop’s strategic moves and partnerships are likely to play a crucial role in shaping the future of commercial real estate in New York City.
For more information on Walker & Dunlop's expansive financing options and services, interested parties are encouraged to visit their website.
