Natixis provided a $250,000,000 fixed-rate, first mortgage CMBS loan to JEMB Realty for the refinance of 75 Broad Street.
JEMB Realty purchased the empty, underperforming asset in 1999, and transformed the building into a high-tech office tower.
JEMB has begun repositioning the 34-story, 650,000 s/f property, making a substantial investment including the upgrade of the main lobby, the renovation of common areas, elevator lobbies and restrooms which has resulted in over 100,000 s/f of leasing over the last 12 months.
Custom buildouts allow for flexible floor plates and creative workforce options.
In recent years, JEMB Realty has also invested more than $50 million in building improvements, including chilled-water systems, electrical switchgear replacements, roof replacements, elevator upgrades, heating and security system upgrades and more.
The program also includes the addition of a shared conference center and a state-of-the-art fitness facility.
Founded in 1990, JEMB Realty is headed by Morris Bailey and Joseph L. Jerome along with Louis, Morris and Jacob Jerome.
Steve Kohn and Alex Hernandez of Cushman & Wakefield Equity, Debt & Structured Finance served as exclusive advisor to the borrower in the transaction.
Greg Murphy, Head of Natixis Real Estate Finance Americas, said, “This is a great opportunity to be part of the dynamic growth and business expansion occurring in Downtown Manhattan with a premier borrower like JEMB Realty on a market leading building like 75 Broad.”
