NEW YORK CITY—L.H. Charney Associates has secured $185 million of senior mortgage financing for 10 Times Square, also known as 1441 Broadway. The fixed rate financing was provided by an affiliate of Metropolitan Life Insurance Co.
The Cushman & Wakefield equity, debt and structured finance team of Steve Kohn, Alex Hernandez, Chris Moyer and Alex Lapidus arranged the transaction. The 36-story office/showroom and retail building sits in Midtown on the southwest corner of the intersection of West 41st Street and Broadway.
It features over 540,000 square feet of rentable area, including 31 floors of fully-leased office/showroom space and 55,000 square feet of new, retail space on the ground floor, concourse and second/mezzanine levels. With frontage along Broadway, West 41st Street and Seventh Avenue, the newly designed retail space and lobby will be delivered in 2017.
“This property offers attractive, stable cash flow from the in-place office tenants and significant upside potential from the flagship-style Times Square retail space being repositioned,” says Kohn, president of Cushman & Wakefield equity, debt & structured finance.
Adds senior managing director Hernandez, “This low leverage refinancing for a well-capitalized owner with a clearly identified value enhancement strategy attracted significant demand from the core lending community.”
This past June, the Cushman & Wakefield equity, debt & structured Finance team also arranged a $130 million refinancing from MetLife for 1410 Broadway, a 380,000-square-foot office building, on behalf of L.H. Charney Associates.
The Cushman & Wakefield equity, debt and structured finance team of Steve Kohn, Alex Hernandez, Chris Moyer and Alex Lapidus arranged the transaction. The 36-story office/showroom and retail building sits in Midtown on the southwest corner of the intersection of West 41st Street and Broadway.
It features over 540,000 square feet of rentable area, including 31 floors of fully-leased office/showroom space and 55,000 square feet of new, retail space on the ground floor, concourse and second/mezzanine levels. With frontage along Broadway, West 41st Street and Seventh Avenue, the newly designed retail space and lobby will be delivered in 2017.
“This property offers attractive, stable cash flow from the in-place office tenants and significant upside potential from the flagship-style Times Square retail space being repositioned,” says Kohn, president of Cushman & Wakefield equity, debt & structured finance.
Adds senior managing director Hernandez, “This low leverage refinancing for a well-capitalized owner with a clearly identified value enhancement strategy attracted significant demand from the core lending community.”
This past June, the Cushman & Wakefield equity, debt & structured Finance team also arranged a $130 million refinancing from
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