Corem AB and GDS Development have closed a $90 million loan on their trophy office tower at 1245 Broadway with German bank Deutsche Pfandbriefbank AG (pbb), one of Europe’s leading real estate financing institutions. Newmark’s Debt & Structured Finance team secured the loan on behalf of ownership. The low-leverage take-out facility will include financing current and future tenant fit-outs for the 200,000-square-foot tower in NoMad.

1245 Broadway is a 23-story Class-A office building at the corner of 31st Street and Broadway in NoMAD. Designed by Owings & Merrill and developed by GDSNY, the building features architectural cast-in-place concrete, large triple-glazed windows, a private club, food and beverage catering to tenant floors and panoramic views of the city. The building has received LEED-Gold certification and offers the latest touchless technology and air quality.

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David Hoffman

GlobeSt

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