USAA, RXR, Broadway Partners JV for 750 KSF NYC Recap
- Jul 31, 2011
July 30, 2011
By Nicholas Ziegler, News Editor
As the debt deal reaches the final stages of approval in Washington, the market continues to respond positively. The U.S. Republic Core Fund, an affiliate of USAA Real Estate Co., along with RXR Realty and Broadway Partners, announced the recapitalization of 340 Madison Avenue, an approximately 750,000-square-foot office building located in Midtown Manhattan. As part of the deal, the joint venture has obtained new 12-year first-mortgage financing from Cornerstone Real Estate Advisers LLC.
The USAA affiliate is joining existing owners RXR and Broadway in a new joint venture and the three parties will share control of the asset. RXR Realty will continue to provide property management services.
“We are pleased to have completed our planned recapitalization of 340 Madison Avenue and have the opportunity to invest additional capital alongside USAA to facilitate the de-leveraging of the property,” said Scott Rechler, Chairman and CEO of RXR Realty.