Wachovia Securities provided the financing for 500-512 Seventh Ave. Partnership, an entity controlled by Moinian, Edward Minskoff and Jacob Chetrit. Robert Rosenberg, a vice president in Wachovia Securities' Large Loan Group, was the banker on the deal, and the borrowers were represented in the transaction by Carlton Advisory Services. The deal closed Dec. 30.

The funding, some of which will be used to refinance existing debt, comprises a $148-million floating-rate mortgage and $45 million in mezzanine financing for the two buildings, which contain over 1.1 million sf of office space. The two-year loan provides for three one-year extensions.

500 Seventh Ave., built in 1920, is a 17-story, 677,500-sf office building. Built 11 years later in 1931, 512 Seventh Ave. is a 45-story building with 564,800 sf. The adjacent buildings run the entire blockfront of Seventh Avenue between 37th and 38th streets. Tenants include New York Times Digital, Dayton Hudson and iVillage. Asking rents are around $35 per sf.