Madison Capital recently refinanced 1657 Broadway in Times Square District with an $85 million, ten-year, interest only loan from Aareal Capital Corporation.
The loan came as the landlord executed two ten-year, corporate leases with the international fast-food franchise, McDonald’s Corporation and global coffee company, Starbucks Corporation.
The McDonald’s lease encompasses 7,547 s/f comprised of 3,977 s/f of the ground floor and 3,570 s/f of the buildingʼs basement. Madison Capital dealt directly with McDonald’s. The Starbucks lease covers 1,885 s/f of the ground floor and 945 s/f of the basement.
Madison Capital and Jeff Winick of Winick Realty represented the landlord, and David Firestein of The Shopping Center Group represented Starbucks.
“These two leases at strong market rents represent the vibrancy of the Times Square North market and the exceptional location of this property; we are very pleased with the refinancing of this asset and look forward to owning it for another ten more years,” said Joe Jacobson, partner at Madison Capital.