The New York office for Hodges Ward Elliott, the hotel brokerage which expanded last year into commercial property sectors, arranged a $69,000,000 loan on behalf of an institutional real estate investment firm.
The funding will be used to refinance 31 West 27th Street, a 144,000 s/f, 12-story, loft-style office building in Manhattan’s Midtown South neighborhood.
Having completed a repositioning and grown income since first purchasing the asset, the new funding will allow the owner to complete its strategic business plan and continue to capture the substantial demand for tenants in the area. The loan was provided by TD Bank, N.A.
“31 West 27th Street has been positioned to take advantage of the continued demand for well-located, improved office assets in Midtown South,” said Will Silverman, Managing Director of HWE.
“Our knowledge of the asset and the Midtown South market enabled us to help the owner maximize the value of its investment.”