Commercial real estate advisor and service provider Newmark Group, Inc. recently announced that it had arranged $515 million in fixed-rate financing for a prominent Midtown Manhattan, N.Y., office property.

Working on behalf of the property owner, investment management company Rithm Capital, Newmark secured a financing package led by Wells Fargo that consists of a $415 million senior mortgage, a $40 million B-note and a $60 million mezzanine loan.

Following Rithm Capital’s acquisition of the broader Paramount office portfolio, this financing supports the new owner’s long-term business plan for one of the premier New York City assets in the portfolio.

Located at 31 W. 52nd St., the property previously known as the E.F. Hutton Building has also been home to Deutche Bank. Rising nearly 30 stories into the Midtown skyline directly across from The Museum of Modern Art, the property incorporates more than 727,000 square feet of rentable Manhattan office space that’s rated class A and certified LEED Gold.

The property’s long-term leasing profile, institutional ownership and high-quality tenancy continue to make it an attractive investment for lenders seeking exposure to best-in-class office assets.

The lending group also included Bank of America, Barclays, Citi, Goldman Sachs and JPMorgan. The Newmark team included: Co-Head of Global Debt & Structured Finance Jordan Roeschlaub; Co-Head of U.S. Capital Markets Adam Spies; Executive Vice Chairman, Adam Doneger; and Vice Chairman, Nick Scribani. Strategic refinancing support was provided by Director Tim Polglase, Associate Director Dan Axelson and Analyst Jack Fenton.

Originally completed in the mid-1980s during the country’s largest skyscraper building boom to date, the property features floor plates ranging from 16,000 to 39,800 square feet; ceiling heights above standard; subterranean parking; and more than 32,700 square feet of retail as part of the on-site amenity package.