RFR Realty Refinance

Kushner Companies and Aby Rosen’s RFR Realty secured a $480 million refinancing for their Dumbo office portfolio, which faced potential foreclosure due to a $180 million CMBS loan default and other debt issues. Despite challenges including high interest rates, WeWork’s bankruptcy, and a significant drop in portfolio value, the joint venture, with help from Iron Hound Management, managed a four-year extension by injecting more equity. Key negotiations involved various stakeholders, including CMBS investors and mezzanine debt holders. This refinancing allows Kushner and RFR to retain the portfolio and start a new marketing campaign to improve occupancy.