NEW YORK CITY—GlobeSt.com has confirmed a published report that 1412 Broadway has been refinanced for $160 million. The owners of the 24-story building, Isaac Chetrit and Charles Aini, secured the funds from Wells Fargo, says a spokesman from Meridian Capital Group, which arranged the deal. Located between 39th and 40th Streets, the building spans 415,000 square feet.
The capital was provided in the form of a five-year loan with a 2.85% interest rate. Meridian's brokers on the deal were David Hayum and Tal Savariego.
Chetrit and Aini's refinancing dovetails with their ambitious capital improvement plan for the building, along with the three-story retail property next door at 1420 Broadway, according to The Real Deal. They plan to expand the smaller building into a hotel five times larger than its existing size. The hotel's ground-floor retail space would connect to the lobby of 1412 Broadway while the penthouse office floor and rooftop of the property would become a bar and restaurant.
The duo of assets were purchased for $268 million from Jordan Slone's Harbor Group International back in 2014, the Real Deal notes. Also called 121-127 W. 39th St., the building is fully occupied. Office tenants include clothing producers One Step Up and Kasper—each taking approximately 50,000 square feet—as well as StubHub, which signed a lease for a small retail space there in January.
Wells Fargo is a frequent lender to Chetrit, according to the Real Deal. The bank reportedly provided a $125 million refinancing of the firm's Uniqlo's Soho flagship store earlier this year.
The capital was provided in the form of a five-year loan with a 2.85% interest rate. Meridian's brokers on the deal were David Hayum and Tal Savariego.
Chetrit and Aini's refinancing dovetails with their ambitious capital improvement plan for the building, along with the three-story retail property next door at 1420 Broadway, according to The Real Deal. They plan to expand the smaller building into a hotel five times larger than its existing size. The hotel's ground-floor retail space would connect to the lobby of 1412 Broadway while the penthouse office floor and rooftop of the property would become a bar and restaurant.
The duo of assets were purchased for $268 million from Jordan Slone's Harbor Group International back in 2014, the Real Deal notes. Also called 121-127 W. 39th St., the building is fully occupied. Office tenants include clothing producers One Step Up and Kasper—each taking approximately 50,000 square feet—as well as StubHub, which signed a lease for a small retail space there in January.
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