Westbrook Partners’ secured a $69 million refinancing for its Midtown South office building at 31 West 27th Street. The loan, provided by TD Bank, was brokered by Hodges Ward Elliott, marking the first deal for HWE’s new commercial investment sales division.
The refinancing values the 144,000-square-foot, 12-story building at around $115 million, according to a source familiar with the deal. Westbrook Partners bought the property in April 2014 for $80 million.
Hodges Ward Elliott is best known for brokering high-profile hotel deals like the recent $805 million sale of the New York Palace Hotel to South Korea-based Lotte Group and the $535 million sale of the Times Square Hotel to Qatari firm Al Rayyan Tourism.
Last year, the Atlanta-based firm opened a New York office and launched a commercial investment sales division to branch out from hotels and compete with the likes of CBRE and Eastdil Secured in investment sales. The firm brought on Savills Studley veteran Will Silverman , CBRE veteran Paul Gillen and Daniel Parker, a former vice president at Related, who worked together on the Westbrook deal.