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Wells Fargo Leads $407MM Financing for Rockpoint’s Acquisition of One Dag Hammarskjöld Plaza

January 17, 2019, 07:18 AM
Filed Under: Real Estate

Wells Fargo & Company announced the closing of a $357 million senior loan to Rockpoint Group for the acquisition of One Dag Hammarskjöld Plaza.

One Dag Hammarskjöld is located at 885 Second Avenue in Midtown Manhattan, anchoring the United Nations submarket and serving as the home to several UN foreign missions as well as a major healthcare provider. The Class-A office tower consists of 50 stories and 813,000 square feet. It spans the western block of Second Avenue between 47th Street and 48th Street.

A Brookfield-sponsored real estate debt fund co-originated the financing and contributed a $50 million mezzanine loan, resulting in total financing of $407 million. The loan was provided with a floating interest rate and a 60-month term.

“One Dag Hammarskjöld Plaza stands out among the prominent office towers located in Midtown East for its location, amenities and tenants,” said Dave Martin, head of the New York-based Real Estate Banking team in Wells Fargo’s Commercial Real Estate group. “Wells Fargo was pleased to partner with Rockpoint Group, a highly valued customer, to lead the financing for this notable acquisition.”

Wells Fargo has financed several other major acquisitions for Rockpoint Group in New York City. In May 2018, Wells Fargo Multifamily Capital provided Rockpoint Group and Brooksville Company with a $501 million loan to support the purchase of the Starrett City complex in East New York.

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