The office building at 80 Broad Street is being refinanced again, this time with PCCP intervening on the loan.
Broad Street Development and Invesco Real Estate’s 423,000 square foot office building in the Financial District building are receiving a $ 150 million loan, sources told the Commercial Observer.
The building recently saw a $ 9 million capital improvement project that included hallway, washroom and lobby upgrades. Speculative tenant constructions and elevator modernizations are also underway, according to the Observer.
An Eastdil Secured team including Ken Ziebelman and Grant Frankel helped secure the funding.
“PCCP saw this as a compelling opportunity to refinance an experienced operator and regular PCCP borrower on a high quality, historically well-leased office asset that is well positioned to attract tenants as the New York office market recovers. right, ”said Brian, vice president of PCCP. Haber, according to the Observer.
In December 2017, Invesco secured a $ 102 million mortgage on the property, courtesy of AIG Investments. The mortgage came about a month after Invesco bought a 95% stake in the building from Broad Street Development for $ 235 million.
Broad Street Development initially purchased the building in 2014 for $ 175 million. The developer retained a 5 percent interest in the tower and continued to manage the property.
PCCP recently provided a similarly priced loan to refinance an office tower in Garment District. In August, the company granted the $ 148 million loan to LH Charney Associates for its 387,000 square foot office building at 1410 Broadway. The debt package included a mortgage loan of $ 111.1 million, public records have revealed.
Last month, Invesco closed one of the most expensive office deals of the year in Los Angeles, agreeing with Worth Real Estate Group to sell The Post at 325 North Maple Drive in Beverly Hills to IRA Capital for 153 , $ 2 million. The partners completed a $ 44 million conversion of the old post office two years earlier.[CO] – Holden Walter Warner