Walker & Dunlop has arranged $228.9 million in financing for 295 Fifth Avenue, a newly redeveloped Class A office property in Manhattan’s Midtown South submarket. The more than 100-year-old landmark is commonly known as the Textile Building.
Walker & Dunlop Capital Markets Institutional Advisory served as the exclusive adviser to the ownership joint venture of PGIM, Tribeca Investment Group and Meadow Partners. The financing was structured as a floating-rate, interest-only bridge loan.
A joint venture between Rialto Capital Management and Hines provided the capital. The financing will refinance the 19-story property following an extensive redevelopment.
The Walker & Dunlop team arranging the transaction included Dustin Stolly, Aaron Appel, Jonathan Schwartz, Keith Kurland and Adam Schwartz. Sean Reimer, Michael Brown, Christopher de Raet and Jack Krentzman also worked on the financing.
The redevelopment transformed the historic building into a 707,181-square-foot Class A office tower. The modernization was designed to preserve the property’s legacy while positioning it for the requirements of contemporary office tenants.
The Textile Building previously served as an important center for New York City’s textile industry. Its repositioning reflects a broader shift toward upgrading older Manhattan properties with modern infrastructure, amenities and workplace configurations.
The building is leased to major tenants including Bridgewater Associates and Quinn Emanuel. Bridgewater is one of the world’s largest hedge funds, while Quinn Emanuel is a prominent international litigation firm.
The tenant roster demonstrates continued demand for high-quality office space in well-located Manhattan buildings. Premium properties with modern facilities and strong transportation access have generally been positioned more favorably than lower-quality office inventory.
Located at 295 Fifth Avenue, the building occupies the full block between East 30th and East 31st streets. The property sits near Madison Square Park and the NoMad, Gramercy, Chelsea and Murray Hill neighborhoods.
Tenants also have access to nearby restaurants, retail, hotels and recreational amenities. The building is within a 10-minute walk of Grand Central Terminal and Penn Station.
Its location provides access to 16 subway lines, Amtrak, NJ Transit, Metro-North Railroad and the Long Island Rail Road. This connectivity supports commuting from neighborhoods throughout New York City and surrounding regional markets.
The bridge loan provides the owners with flexible capital following the redevelopment and leasing activity. Floating-rate bridge financing is commonly used to support properties during a transitional period before they qualify for longer-term permanent financing.
Walker & Dunlop sourced more than $22 billion from non-agency capital providers during 2025. That total included nearly $16 billion of financing for multifamily properties.
The company provides commercial real estate financing and advisory services across multiple property categories. Walker & Dunlop works with developers, owners and operators seeking debt, equity and transaction advice.
KEY QUOTES:
“295 Fifth Avenue exemplifies the type of high-quality, well-positioned office asset that continues to attract strong tenant demand in Midtown South. We are grateful for the opportunity to work with our clients on this financing and help support the continued success of a landmark property thoughtfully reimagined for today’s office market. With its premier tenant roster and location in one of Manhattan’s most active and supply-constrained office corridors, the property is exceptionally positioned to benefit from continued demand for high-quality office space.”
Dustin Stolly, Senior Managing Director of Capital Markets Institutional Advisory at Walker & Dunlop
