The joint venture of ZG Capital Partners and Rialto Capital Management have nailed down $175 million in capitalization to complete the purchase of 45 E. 53rd St. and renovate the 129,000 square-foot boutique office building, former home to Santander bank.
We first reported on the pending acquisition from Florida-based MEK Management Services in April. The financing was arranged by Newmark vice-chairmen Dustin Stolly and Jordan Roeschlaub with senior managing director Daniel Fromm.
Some $120 million is in the form of a loan from ACRES Capital. The remaining $55 million will be as equity.
[Written in collaboration with other media outlets with information from the following sources]
