DelShah Capital and Realm Secure $88M Loan for CitySpire Office Acquisition

Affinius Capital has provided $88 million in acquisition financing for the 24-floor office portion of CitySpire, a 70-story tower located at 156 West 56th Street in Manhattan's Midtown West submarket. The acquisition, which closed recently for $137.5 million, involves a joint venture between DelShah Capital, A.M. Property Holding Corporation, and Realm.

The 377,500-square-foot office component was previously owned by Tishman Speyer and GIC, who recently completed $22 million in capital improvements. The property currently boasts a 98 percent occupancy rate, with notable tenants including Caleres, Windels Marx Lane & Mittendorf, and New York Road Runners. The transaction was finalized at an 8.5 percent cap rate.