ACORE Capital Refis 511 Fifth Avenue With $46M Loan – Commercial Observer
A joint venture involving Wharton Properties, Aurora Capital Associates and ACHS Management has secured a $45.5 million loan to refinance a Midtown Manhattan office property, Commercial Observer has learned.
Acore Capital supplied the nonrecourse loan for the sponsorship’s 18-story office building at 511 Fifth Avenue that was recently redeveloped with 16,000 square feet of renovated space. The 1918-built property at the corner of Fifth Avenue and 43rd Street has seen leasing momentum of late with recent two-floor deals signed by GE Aerospace and WeWork along with a 9,812-square-foot lease from French consulting firm Wavestone.
Meridian Capital Group negotiated the debt with a team led by Aaron Birnbaum.
“The sponsorship team have done an exceptional job repositioning 511 Fifth Avenue, and the leasing results speak for themselves,” Birnbaum, co-founder and executive vice president at Meridian, said in a statement. “With new tenants signing while the loan was in process, our focus was keeping ACORE and the sponsors moving in lockstep as the rent roll grew.”
Located a block north of the New York Public Library’s main building, 511 Fifth has amenities on the 15th floor that include a lounge, a juice bar and a fitness center. North Face, a global outdoor brand, opened a two-story, 21,000-square-foot flagship store at the base of the tower in November 2025.
“We continue to see positive leasing momentum across Midtown Manhattan’s office market, with tenant demand increasingly concentrated in well-located, high-quality assets that have undergone meaningful capital investment and repositioning,” Eric Ramirez, managing director and head of eastern region Ooiginations at ACORE Capital, said in a statement. “The strong leasing activity at 511 Fifth Avenue reflects this trend and is further supported by the property’s experienced sponsorship team.”
Spokespeople for Wharton Properties, Aurora Capital Associates and Achs Management did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
