GREENWICH, CT-The owner of the Pickwick Plaza office complex here, Broadway Real Estate Partners, LLC of New York City, has completed the refinancing of the 237,444-sf office property it acquired four years ago. The refinancing was for $113.5 million. According to Broadway Real Estate Partners officials, Lehman Brothers provided the senior debt financing, while Northstar supplied the mezzanine debt in the deal.

Commenting on the refinancing transaction, Scott Lawlor, chief executive officer of Broadway Real Estate Partners, says the deal resulted in “significant proceeds” to the equity investors of Pickwick Plaza. “When we acquired Pickwick Plaza in 2000 we forecast a potential refinancing in 2006 that would return 60% of invested capital. Successful leasing renewals and an opportunity in the debt market enabled us to accomplish this refinancing two years earlier then expected, at better debt rates, and at higher proceeds.”

Broadway Real Estate Partners used the new debt proceeds to redeem $88 million of existing debt. In addition, the firm provided a distribution to equity investors of approximately $29 million. Broadway officials estimated that came out to approximately $92,500 for every $100,000 originally invested. Lawlor adds, “We expect that it will continue to appreciate and generate extraordinary returns. Our investors couldn’t be in a better position as they now own the asset without any original capital at risk.”

Pickwick Plaza is a three-building office campus located at 50 Mason St. Tenants at the complex include: General Atlantic, Merrill Lynch, Morgan Stanley and Chase Manhattan. Broadway Real Estate Partners was founded in 1999. Since 2000, the firm has acquired 4.3 million sf of office space, valued at more than $1 billion.

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