Senior Mortgage Loan on Lower Manhattan's 80 Broad Street Sold
4 May, 2011, New York
Cushman & Wakefield today announced the sale of the senior mortgage loan on 80 Broad Street, a recently renovated 36-story lower Manhattan office building located at the northwest corner of Broad Street at the intersection with Stone Street.
The buyer was Savanna Fund II REIT LLC. Cushman & Wakefield's New York Capital Markets Group, led by Steve Kohn, Helen Hwang, Nat Rockett, Karen Wiedenmann and Alex Hernandez represented the seller, special servicer J.E. Robert Companies Inc.
Originally completed in 1931, 80 Broad Street totals 410,000 square feet. It was designed by the prominent New York architectural firm Sloan & Robertson, one of the most active and accomplished firms of the period in New York, and commands magnificent views of New York Harbor offering superior light and air with rare 360-degree exposures.
In 2004, the building was acquired for $70 million by 80 BROAD LLC, a partnership led by Swig Equities. The ownership invested several million dollars over five years in building improvements that included a new retail façade and updated lobby. A senior mortgage loan for $75 million was arranged in 2006, following the completion of the extensive renovations.
"80 Broad Street is a high quality asset that is extremely well positioned for capital appreciation," said Steve Kohn, President of Cushman & Wakefield Sonnenblick Goldman and head of Cushman & Wakefield's New York Capital Markets Group.
"We are very pleased with the amount of demand this offering generated, which signifies the tremendous availability of capital in the market today for quality, value-added opportunities," said Ms. Hwang, a Cushman & Wakefield Executive Vice President.
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