German bank provides $451M refi for 1540 Broadway

Mortgage from DekaBank consolidates prior debt at 44-story tower

TRD New York /
Jul.July 18, 2016 07:30 AM

Edge Fund Advisors picked up a massive refinancing for its 1.4 million-square-foot Times Square trophy property.

German lender DekaBank provided the asset management and investment firm a $450.7 million mortgage on 1540 Broadway, which consolidates prior debt, including a $350 million loan from MetLife, Commercial Observer reported.

Alongside HSBC Alternative Investments, Edge in 2010 bought a 49 percent stake in the 44-story Class A office tower, known as the Bertelsmann Building.

It purchased the remaining portion a year later for $346.8 million. Media giant Viacom has an office in the tower and law firm Duane Morris in early 2014 signed a lease for 89,000 square feet.

In March, lender DekaBank, provided Vornado Realty Trust TRData LogoTINY a refinancing on three retail units at 11 East 68th Street. Vornado happens to own the 197,000-square-foot retail portion of 1540 Broadway, and tenants include Disney, Sunglass Hut, Forever 21 and Planet Hollywood.

Edge also owns 4 New York Plaza, a 22-story, 1.1 million-square-foot office building in the Financial District. [CO]James Kleimann


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