Floating-rate financing supports future tenant rollover and repositioning costs at a 99% leased, institutional-quality Park Avenue office asset

Axonic Capital LLC (“Axonic”), an alternative investment management firm specializing in structured credit and commercial and residential real estate debt and equity, announced the closing of a fully funded $72 million senior loan to refinance the leasehold interest in 430 Park Avenue.

The floating-rate loan refinances the existing senior debt and will also fund future tenant rollover and repositioning costs, including a comprehensive lobby renovation. The loan was funded through Axonic’s affiliated insurance business.

430 Park Avenue is a 19-story, 295,900-square-foot Class-A office property spanning the full block front between 55th and 56th Streets in Midtown Manhattan. The asset is currently 99% leased to a diverse tenant roster spanning financial services, real estate and law firms.

The property is owned by a joint venture between Oestreicher Properties, Midwood Investment & Development Inc., and Marx Realty. The joint venture has owned the property since its construction in 1954 and has extensively renovated the property over time.

The Park Avenue corridor remains a coveted location in Manhattan office leasing and one of the strongest office submarkets in the country.

“As the demand for premier Manhattan office space accelerates, we continue to see opportunities to lend against high-quality office assets where long-term value is bolstered by strong tenancy, experienced sponsorship and attractive market dynamics,” said Erik Nygaard, Principal and Portfolio Manager at Axonic. “430 Park Avenue checks every one of those boxes, exemplifying the type of financing situation Axonic finds most compelling – where the credit story is anchored by strong fundamentals and durable in-place cash flow, and we can structure financing that gives ownership the flexibility to continue creating value.”

Ackman Ziff arranged the transaction on behalf of the borrower. Other terms of the transaction were not disclosed.

About Axonic Capital

Founded in 2010, Axonic Capital is a New York-based alternative investment manager with approximately $8 billion in assets under management. The firm has deep expertise in structured credit, commercial and residential real estate debt and equity, and systematic fixed income. Axonic’s flexible capital base includes private limited partnerships, separate accounts, insurance company mandates, and publicly listed fund structures. For additional information, visit axoniccap.com.

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