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Shorenstein secures $350M financing

JLL Capital Markets arranged a $350 million loan to finance the leasehold position of 1407 Broadway, a 43-story, 1.1 million-square-foot office building.

The group worked on behalf of Shorenstein Properties LLC to place the five-year loan with Barclays.

Located on Broadway between 38th and 39th Streets, 1407 Broadway was built in 1950 and designed by architect Ely Jacques Kahn. It underwent a $62 million modernization campaign in 2015. The three-year program included the renovation of the lobby, common areas, security, roof and terrace as well as elevator cab upgrades.

A total of 160,000 square feet of leasing activity has occurred in the past 12 months. After undergoing a major retail repositioning and adding new retail storefronts, the building’s retail space is 95 percent occupied with tenants such as Num Pang, Luke’s Lobster and ‘Wichcraft.

Geoff Goldstein, Senior Director; Michael Gigliotti, Senior Managing Director; and Christopher Peck, Managing Director, led the financing on the JLL Capital Markets team. Andrew Scandalios, Senior Managing Director and David Giancola, Managing Director, offered office expertise.

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