CBRE Group, Inc. Capital Markets’ Debt & Structured Finance team announced that it has arranged a 10-year loan for the acquisition of 1370 Broadway on behalf of Invesco Real Estate.
The loan was facilitated by Jason Gaccione, senior vice president, and Shawn Rosenthal, executive vice president, in CBRE’s Midtown Manhattan office, along with Jay Wagley, vice chairman, and Mike Bryant, vice chairman, in CBRE’s Dallas office.
Invesco Real Estate recently acquired the newly renovated 16-story, 280,000 s/f office building from Normandy Partners for a reported $186 million. Principal Global Investors provided the full-term, interest-only loan.
Of the financing, Gaccione said: “Due to the institutional nature of the borrower, coupled with the low leverage loan request, we were able to create a competitive bid process among various balance sheet lenders.
“In the end, Principal recognized Invesco’s vision for the investment and capitalized on the opportunity to expand their presence in this market, while deepening its relationship with Invesco. Principal not only delivered competitive pricing, but also various creative loan structure components.”
Located on the southeast corner of Broadway and West 37th Street in Times Square South submarket, 1370 Broadway is at the convergence of two retail hubs, Times Square and Herald Square.
Having recently undergone a multi-million dollar renovation, 1370 Broadway has a newly modernized lobby atrium and upgraded elevator cabs with digital screens.