NKF Capital Markets raised $187 million of construction financing from Apollo for Normandy Real Estate Partners and Columbia Property Trust’s development of 799 Broadway.
The planned 12-story, Class A office tower, totaling 182,000 s/f, will feature 147,688 s/f of office space, 12,688 s/f of community space and 21,929 s/f of retail, as well as a gym.
Designed by Perkins+Will, the boutique office building will include expansive terraces on each floor, oversized glass windows and ceiling heights of 15 to 17 feet.
The NKF team was led by Dustin Stolly and Jordan Roeschlaub, with Nick Scribani and Chris Kramer. Adam Spies, Adam Doneger, Kevin Donner, and Josh King of Cushman & Wakefield advised Normandy and its former partner Ares Management on the partial sale to Columbia. Gavin Evans and Travis Feehan were the project leads for Normandy while Kevin Hoover represented Columbia Property Trust.
‟The state of the art development will be a trophy boutique office building, certain to attract New York’s most prominent tenants,” said Stolly.
Fried Frank acted as counsel to the joint venture in connection with the loan. The Fried Frank team included real estate and litigation partner Janice Mac Avoy and real estate associates Julianne Befeler, Gilmar Colonia, and Nicholas Mayer.