Cain JV Secures $321M for Manhattan Refi

Cain and Alchemy-ABR Investment Partners have obtained a $321 million loan to refinance a Billionaires’ Row office tower at 125 West 57th St. in Manhattan. Walker & Dunlop arranged the financing, which includes senior debt from JPMorgan Chase and mezzanine financing from Hudson Bay Capital.

The 30-story, 260,000-square-foot office tower is one of the few ground-up office developments completed in Midtown’s Plaza District in recent years. In 2021, the project received a $100 million construction loan from Security Benefit Life Insurance Co., according to Yardi Matrix.

The property opened in 2026, tenants include Eldridge Industries, Jadian Capital, Kingdon Capital Management and AdaptHealth. Ten Five Hospitality is also expected to open a restaurant concept at the tower’s ground-floor retail space.

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Featured at the tower is a 4,300-square-foot outdoor terrace as well as a 7,150-square-foot amenity floor for tenants. The amenity floor includes a lounge, conference center, event space with a kitchen and meeting rooms. Some tenants also have access to additional private terraces. The property is targeting LEED Gold certification.

With this transaction, the property will be valued at approximately $600 million following certain leasing milestones, Bloomberg reported.

This loan comes after JPMorgan and Goldman Sachs issued a $630 million CMBS refinancing loan for Cain and OKO Group’s 830 Brickell Plaza in Miami in November 2025.

Built in Manhattan’s Plaza District, the asset overlooks Central Park. Nearby are Carnegie Hall, Columbus Circle and New York City Center. Public transit is available at the 57th Street-Seventh Avenue subway station serving the N, Q, R and W lines.

Walker & Dunlop’s Capital Markets Institutional Advisory team of Senior Managing Directors Adam Schwartz, Aaron Appel, Jonathan Schwartz, Keith Kurland and Dustin Stolly, along with Managing Director Sean Reimer and Senior Director Sean Bastian arranged the financing on behalf of Cain and Alchemy.

Big Deals in the Big Apple

New York City continues to hold the top spot for office sales across gateway markets with an average price of $498 per square foot, according to a March Yardi Matrix report. Demand for Class A office space remains strong as Manhattan vacancy rates continue to decline. At the end of 2025, the vacancy rate stood at 13.6 percent, down 300 basis points year-over-year.

Earlier this month, a joint venture between Brookfield Corp. and Qatar Investment Authority entered an agreement for a $1.9 billion refinancing loan for a 2 million-square-foot office tower in the Chelsea neighborhood. The deal will close at the end of May with Wells Fargo Bank, Bank of America, Bank of Montreal, Citi Real Estate Funding Inc., German American Capital Corp. and Santander Bank issuing the loan.

In another sign of continued demand for premium office space, BXP signed Starr to a 275,000-square-foot lease at 343 Madison Ave. in Midtown this past January. The building is currently under construction and is estimated to open in late 2029. Starr will use the space as its New York City headquarters and occupy approximately one-third of the tower.