Westbrook’s 31 West 27th Street lands $69M refi

Loan marks first deal for Hodges Ward Elliott’s commercial I-sales team

TRD New York /
Feb.February 16, 2016 06:20 PM

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 TRData LogoTINY bought the property in April 2014 for $80 million.

Hodges Ward Elliott TRData LogoTINY 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 TRData LogoTINY, CBRE veteran Paul Gillen and Daniel Parker, a former vice president at Related, who worked together on the Westbrook deal.


Related Article

arrow_forward_ios
43-20 49th Avenue in Long Island City and Andrew Chung of Innovo Property Group (Credit: Google Maps)

Andrew Chung tees up Queens’ biggest deal of 2019

Fruchthandler buys pair of Bronx buildings for $88M

Lane at Boerum Place

Quinlan locks down $75M refi of Brooklyn Heights resi tower

Will Silverman in talks to join Eastdil: sources

Westbrook Partners lands investment from Goldman Sachs

Westchester & Fairfield Cheat Sheet: Trumbull draws in new dev, theater-to-apartment conversion kicks off … & more

arrow_forward_ios