Gaines and Rosenberg of JLL secure $200 million loan in acquisition financing

Debt market fundamentals continue to appeal to both the buying and lending side of the investment community. According to JLL's Capital Markets experts, RXR Realty has secured $200 million in acquisition financing for 61 Broadway, a 786,975 s/f office building. HSBC provided the $200 million non-recourse loan in which $185 million was funded at closing with an additional $15 million in proceeds for future capital expenditures and leasing commissions to be drawn down at RXR's option. Managing director Kelly Gaines and senior vice president Brett Rosenberg led the JLL team on the transaction. "An impressive building backed by best in class sponsorship and located in Manhattan's highly desirable financial district checks all the boxes in regards to what lenders seek," said Gaines. "In addition, the neighborhood is moving toward a 'live, work, play' environment, which is gaining significant momentum among today's work force." The 33-story tower was acquired in March for $330 million in a sale transaction led by JLL's investment sales team including vice chairmen Richard Baxter, Jon Caplan, Yoron Cohen and Scott Latham. It is recognized among the skyline for its clean, geometric shape and hosts a variety of tenants, including those in the financial, legal, education, technology and healthcare sectors. It is located near the city's top restaurants, high-end retailers, cultural attractions, parks, hotels and residential developments.