Real Estate Weekly
Image default
Debt & EquityFeatured

Sherwood Equities refinances Times Square towers with $232M in loans

Sherwood Equities has secured $232 million in loans for two Times Square properties.

The company, which owns Manhattan condo buildings The Coranado and The Saratoga among others, received financing for 2 Times Square and 1600 Broadway. German bank Helaba provided the fixed-rate mortgage for the two properties.

Sherwood secured a $164 million loan for 2 Times Square. The 310-key Renaissance New York Times Square Hotel occupies the site. The building, which was built in 1990, also contains 31,365 s/f of retail space, according to data from Reonomy.

The 1600 Broadway property, meanwhile, was refinanced with a $68 million mortgage. The loan is backed by the retail space leased to the M&Ms store and two Budweiser signs. The property, which was built in 2005, has 137 condo units.

Helaba allowed Sherwood to rate lock a year in advance. This would result in a 43 percent reduction in costs compared to the previous rate.

According to the Real Deal, Sherwood had a $175 million mortgage for 2 Times Square from 2007. The 1600 Broadway property, meanwhile, had a total of $72 million from three separate loans issued between 2006 to 2015. Helaba provided the financing for the previous leans.

The two buildings, which are less than a block from each other, are both near full occupancy. According to a representative from Sherwood, the deal was completed without the involvement of brokers. The company also has no plans to renovate either building.

Related posts

AI and cloud adoption propel data center demand to record levels for 2023


ONE Park Tower by Turnberry Unveils Luxe Amenities, Interiors


Bideawee Opens State-Of-The-Art New Flagship In Manhattan’s Chelsea Neighborhood As Nonprofit Celebrates 120th Anniversary