10 Times Square, 1441 Broadway - New York, NYNew York, NY Cushman & Wakefield, Inc. has arranged two mortgage financings totaling $315 million.
In the first deal, Cushman & Wakefield served as the exclusive advisor to L.H. Charney Associates Inc. in arranging $185 million of senior mortgage financing for 10 Times Sq., also known as 1441 Broadway. The fixed-rate financing was provided by an affiliate of Metropolitan Life Insurance Company. 10 Times Sq. is a 36-story office/showroom and retail building located on the southwest corner of the intersection of West 41st St. and Broadway in Midtown Manhattan’s Times Sq. South submarket. Situated in Times Sq. and at the center of the city’s three major transportation hubs, the property enjoys one of the most convenient locations in Manhattan. The property contains more than 540,000 s/f of rentable area, including 31 floors of fully-leased office/showroom space and 55,000 s/f of new, prime Times Sq. retail space on the ground floor, concourse and second/mezzanine levels. With frontage along Broadway, West 41st St. and Seventh Ave., the newly designed retail space and lobby will be delivered in 2017.
Steven Kohn, Cushman & Wakefield“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,” said Steve Kohn, president of Cushman & Wakefield Equity, Debt & Structured Finance.
Senior managing director Alex Hernandez said, “This low leverage refinancing for a well-capitalized owner with a clearly identified value enhancement strategy attracted significant demand from the core lending community.”
The Cushman & Wakefield Equity, Debt and Structured Finance team included Kohn, Hernandez, Chris Moyer and Alex Lapidus.
The Cushman & Wakefield Equity, Debt & Structured Finance team also arranged a $130 million refinancing from MetLife for 1410 Broadway, a 380,000 s/f office building, on behalf of L.H. Charney Associates Inc.
The fixed rate financing was provided by an affiliate of Metropolitan Life Insurance Company (MetLife). The 36-story office and showroom building enjoys one of the most convenient locations in Manhattan at the epicenter of New York. The property is surrounded by most of Manhattan’s major destinations, including Times Sq., Bryant Park, Grand Central Terminal, Port Authority, Madison Sq. Garden, Penn Station and Herald Sq. 1410 Broadway, 96% leased to a fashion-oriented set of more than 100 office and retail tenants, contains 32 floors of office/showroom space with prime retail space on the ground floor along Broadway and West 39th St.
“The lending community appreciated the ownership’s hands-on management of this well-leased and operated property,” said Kohn.
Hernandez said, “With several of the area’s buildings restacking their tenancy to accommodate large users, buildings like this are seeing robust competition for space from tenants being dislocated by repositionings. The capital markets proved responsive to this subtle dynamic in the local market.”
The Cushman & Wakefield Equity, Debt and Structured Finance team for the deal included Kohn, Hernandez, Moyer and Lapidus.
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