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New York

Silverstein Properties secures $310M in financing on 120 Broadway

120 Broadway and Larry Silverstein
120 Broadway and Larry Silverstein

Silverstein Properties has closed a $310 million CMBS loan on 120 Broadway, which it co-owns with UBS Realty Investors, the New York Observer reported. 

The 40-story, 1.8 million-square-foot building had a $215 million loan, originated by Morgan Stanley Capital I Trust in 2006, set to mature in June.

Wells Fargo originated the new loan, which was brokered by Eastdil Secured. It has a seven-year term, which is likely to have an interest rate in the mid-2 percent range.

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As The Real Deal previously reported, the building was the site of a discrimination case filed against Silverstein. A former Silverstein Properties executive, Catherine Giliberti, claimed that Silverstein offered her unfavorable terms on derivative interests in the building. A New York State Supreme Court judge denied Silverstein’s motion to dismiss the case. [NYO] —Christopher Cameron

 

 

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