$244M Refinances 75 Broad St.

NEW YORK CITY-JEMB Realty has refinances the 675,000-sf 75 Broad St. CWCapital arranged the 10-year fixed-rate $243.5-million financing.

"JEMB Realty has done an outstanding job establishing 75 Broad St. as home to a variety of corporate and commercial users, in addition to creative users such as educational institutions," says CWCapital's Tammy Heyman, who helped structure the deal with principal Joseph Jerome. "We have financed more than half a billion dollars for the sponsor's projects spanning the US and Canada because their creative approach and exceptional track record gives our team great confidence."

Jerome tells GlobeSt.com that the timing was ideal to refinance the property "due to the low-interest rate environment."

JEMB Realty purchased 75 Broad in 1999 for $75 million. After a multimillion-dollar renovation and repositioning, and a concentrated marketing effort, the facility is 100% occupied. Less than a year ago, Reliance Insurance took 50,000 sf at the site, as reported by GlobeSt.com. Other tenants include Nike Communications, Marco Polo Network, Millennium High School, Wachovia Bank and Duane Reade. Rental rates range between $33 and $36 per sf, according to Jerome. He says tenants are attracted to the site due to the premier telecom infrastructure it has as well as the recent attractive installation of quality lights, ceilings and carpeting.

The relationship between JEMB and CWCapital stretches back several years. "CWCapital originated financing for 75 Broad St. in 2005 and we continue to believe in the strength of the sponsorship," Heyman says. "This refinancing reflects both the market's strength and the strong lease-up play executed by the sponsors."