Cushman & Wakefield arrange $98 million acquisition financing for retail condo

New York, NY Cushman & Wakefield's real estate services firm served as the exclusive advisor to the Paramount Group in the procurement of $98 million in acquisition financing for the retail condominium at 1600 Broadway in Times Square. The ten-year loan was provided by Bank of America.

A Cushman & Wakefield Equity, Debt & Structured Finance team of Gideon Gil, Lauren Kaufman and Zachary Kraft represented the borrower. Doug Harmon, Adam Spies, Adam Doneger, Marcella Fasulo, Avery Silverstein and Willis Robbins, also of Cushman & Wakefield, arranged the sale of the asset. 

“We are thrilled to have worked with Paramount Group to arrange the financing for their exciting acquisition of the retail condominium at 1600 Broadway, home to the famous M&M’s World,” said Gil. “This transaction goes to show that retail is recovering in highly-trafficked, transit-oriented corridors that were originally hit hard by the onset of the pandemic.”

1600 Broadway is a 25,693 s/f single-tenant retail and signage condominium. The property is 100% leased to Mars, Inc’s M&M’s World. The retail condominium is comprised of four stories with over 350 feet of wraparound frontage that features 24-foot floor-to-ceiling glass. The property will soon undergo renovations that will result in upgraded amenities for the M&M’s World store and an extended pedestrian plaza.

The property features three sides of sign frontage along Broadway, Seventh Ave. and 48th St.