Tepedino and Gigliotti of HFF place equity loan for acquisition of 80 Broad for BSD

HFF has secured equity for the acquisition of 80 Broad, a 423,403 s/f retail and office building in the Financial District. The loan amount was not disclosed. HFF worked exclusively on behalf of the buyer, Broad Street Development LLC (BSD), in sourcing the capital from RXR Realty (RXR). Equity proceeds were used to purchase the property. The 36-story building was completed in 1930 and most recently renovated in 2013, retaining 1930's art deco design elements while implementing recent upgrades. The property is currently 89% leased to a variety of mostly smaller sized tenants. The HFF equity placement team representing BSD was led by senior managing director Mike Tepedino and managing director Michael Gigliotti. "With the acquisition of 80 Broad St., BSD is returning to its roots of operating downtown office buildings," Gigliotti said. "There is not a group more equipped to successfully operate this property than BSD, and RXR recognized that by aggressively providing equity to round out the capital stack." This transaction represents another milestone for the New York office of HFF as it continues its aggressive expansion into the New York City office sales and equity markets under leadership from Andrew Scandalios, Eric Anton and David Fowler. BSD, led by principals Raymond Chalmé and Daniel Blanco, is the culmination of more than 15 years of experience in developing, managing and leasing commercial properties and residential condo conversion projects throughout North America. A relationship driven real estate company, BSD success has been acquiring and repositioning real estate assets in order to provide the highest levels of service and quality to its tenants. This ultimately results in enhanced value.