We advised the joint venture on the financing

Davis Polk advised an affiliate of a joint venture between Meadow Partners, Tribeca Investment Group LLC and PGIM, Inc. in connection with a $150 million mortgage loan financing provided by Deutsche Pfandbriefbank AG. The proceeds of the loan will be used in part to pay for tenant improvements and other leasing costs at the Textile Building, located at 295 Fifth Avenue, New York, New York.

295 Fifth Avenue is a century-old 710,000-square-foot building located in Midtown South. The joint venture obtained a ground leasehold interest in the property in 2019, as part of a $400 million redevelopment project that includes adding a two-story, 34,000-square-foot penthouse, remodeling the lobby, transforming the retail storefronts and redesigning workspaces to convert the property into a state-of-the-art, wellness-attuned office building.

Meadow Partners is a vertically integrated private real estate investment firm based in New York City and London that manages a series of closed-end funds and an open-end evergreen fund, as well as separate accounts on behalf of institutional investors. The firm specializes in middle-market transactions in all sectors and across the risk spectrum. Since its inception, Meadow Partners has invested over $2.5 billion of equity and has acquired more than $8.2 billion of real estate assets in its target markets of New York City, Washington DC, London and Paris.

Tribeca Investment Group is a privately owned real estate development firm that focuses on transformative commercial real estate properties in New York City. Tribeca’s founding principals, Elliott Ingerman and Bill Brodsky, have successfully invested over $2 billion in office, hotel and residential properties.

PGIM, Inc., is the principal asset management business of Prudential Financial, Inc., and PGIM Real Estate has $207 billion in assets under management.

The Davis Polk real estate team included partner Brian S. Lichter and associates Elizabeth A. Case, Edward Peck and Jack Goldbrenner. Partner Ethan R. Goldman and associate Justin Corvino provided tax advice. All members of the Davis Polk team are based in the New York office.