CBRE Group, Inc.’s Debt & Structured Finance team—part of the company’s Capital Markets group—has completed a seven-year, $105 million loan for the acquisition of 55 Broadway, Manhattan, on behalf of an affiliate of the Harbor Group International, LLC (HGI).
The loan was facilitated by Shawn Rosenthal, executive vice president, CBRE Debt & Structured Finance. The HGI affiliate acquired the 358,637 s/f office property from an affiliate of Broad Street Development for a purchase price of $157 million.
“We are pleased to have executed such a large loan within 30 days on behalf of HGI,” said Mr. Rosenthal. “The lending market embraced the well-respected buyers and their business plan in a thriving Downtown New York City market.”
“55 Broadway is a unique, modern, class A property in the thriving Financial District near the World Trade Center development, the soon-to-be-completed Fulton Street Transit Center and numerous high-end residential developments,” said Jordan E. Slone, Chairman & CEO of HGI. “Downtown Manhattan is undergoing a renaissance as creative, media and technology tenants increasingly relocate to the market, creating a new, dynamic and desirable downtown.”
JP Morgan provided the $105 million loan. HGI’s investment partners in 55 Broadway include Image Capital, LLC.
55 Broadway is a 32-story building constructed in 1983. Located on the southwest corner of Broadway and Exchange Place, the property contains ground floor retail, an urban plaza and convenient access to four subway stations, all within a three block radius.