NEW YORK CITY-Savanna said Friday it had linedup $145 million worth of refinancing on its 1375 Broadway, whichacquired in December 2010. The loan came from Mesa WestCapital and includes capital for future leasing costs atthe 513,401-square-foot Garment District office tower. JonEstreich, president of Estreich &Co., arranged the debt on Savanna's behalf.

In a release, Savanna VP Cooper Kramer says therefi “illustrates the substantial progress that Savanna has made inrepositioning the building as an institutional qualityasset. We initiated a major capital improvement program,including a new lobby and new retail storefronts.” Suchimprovements, Kramer says, have “transformed the building into acore asset and have led to successful leasing of both office andretail space.”

When Savanna acquired 1375 Broadway two and a half years ago, itsimultaneously bought the fee ownership from Chedward Realty Corp.and the long-term net lease from Statecourt Enterprises Inc. Thecompany then consolidated the positions into fee simple ownershipafter the deal closed. Savanna is currently marketing about 80,000square feet of available office space, including a penthouse with awraparound terrace.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.