A variety of tenantsu2014including financial, legal, education, technology and healthcare firmsu2014have offices in 61 Broadway.<@SM>Invesco took out a 10-year full-term, interest-only loan for 1370 Broadway that was provided by Principal Global Investors.

NEW YORK CITY—A pair of financings has taken place along Broadway.

RXR Realty secured $200 million in acquisition financing for 61 Broadway, a 786,975-square-foot office building Downtown, while Invesco Real Estate locked up funds to buy 1370 Broadway. CBRE, the broker on the latter deal, declined to reveal the amount of the loan taken out for the building, but Real Capital Analytics states the price of the office tower was $186 million.

For the Lower Manhattan property, HSBC provided the non-recourse loan, in which $185 million was funded at closing with an additional $15 million in proceeds for future capital expenditures and leasing commissions to be drawn down at RXR’s option. JLL managing director Kelly Gaines and SVP Brett Rosenberg led the team on the transaction.

“An impressive building backed by best in class sponsorship and located in Manhattan’s highly desirable financial district checks all the boxes in regards to what lenders seek,” says Gaines. “In addition, the neighborhood is moving toward a ‘live, work, play’ environment, which is gaining significant momentum among today’s work force.”

The 33-story tower was acquired in March for $330 million in a sale transaction led by JLL’s vice chairmen Richard Baxter, Jon Caplan, Yoron Cohen and Scott Latham. It hosts a variety of tenants, including those in the financial, legal, education, technology and healthcare sectors.

Meanwhile, for 1370, Invesco took out a 10-year full-term, interest-only loan that was provided by Principal Global Investors. The financing for the newly renovated 16-story, 280,000-square-foot office building—which was acquired from Normandy Partners—was arranged by CBRE’s Jason Gaccione, SVP and Shawn Rosenthal, EVP in New York, along with vice chairmen Jay Wagley and Mike Bryant in the firm’s Dallas office.

Says Gaccione, “Due to the institutional nature of the borrower, coupled with the low leverage loan request, we were able to create a competitive bid process among various balance sheet lenders. In the end, Principal recognized Invesco’s vision for the investment and capitalized on the opportunity to expand their presence in this market, while deepening its relationship with Invesco. Principal not only delivered competitive pricing, but also various creative loan structure components.”

1370 Broadway sits at the convergence of two retail hubs, Times Square and Herald Square. The property’s southeast corner exposure puts it in an ideal position to capitalize on the neighborhood’s retail and office growth, according to CBRE.