HFF announced that it has arranged a $110 million permanent financing for 25 Broad at the Exchange, a newly-renovated, 308-unit, Class A multi-housing property in the Financial District.
HFF represented LCOR to secure the seven-year, fixed-rate permanent loan with Northwestern Mutual Life Company.
The deal puts the value the building at around $220 million, as companies typically leverage deals at 50 percent.
LCOR paid $170 million for the 521,000 s/f, 21-story 25 Broad Street in 2012 and gave new life to conversion plans after developer Kent Swig was forced to give up the property after defaulting on his mortgage payments.
“What happened to the building parallels what happened to downtown after the last real-estate crash,” David Sigman, a principal at the development firm, told the Wall Street Journal.
Originally built in 1902, the newly renovated property is 95 percent leased and consists of 308 luxury units (19 penthouse units), which include studio, one-, two- and three-bedroom options.
The property also includes three commercial units: Bobby Van’s Steakhouse, Canali and a dry cleaner.
Building amenities include a fitness center, yoga studio, children’s playroom, resident lounge, billiards room, golf simulator and rooftop lounge.
The HFF team representing the borrower was led by senior managing director Jon Mikula and managing director Jim Cadranell.