Westbrook refis 1375 B’way with $230M loan

New financing from Credit Agricole replaces $180M mortgage

TRD New York /
Jun.June 13, 2017 11:50 AM

1375 Broadway and Westbrook’s Sush Torgalkar

UPDATED, June 13, 12:35 p.m.: Westbrook Partners TRData LogoTINY refinanced its 513,000-square-foot office building at 1375 Broadway in the Garment District with a $230 million loan from French bank Credit Agricole, property records filed with the city Tuesday show.

The deal replaces a $180 million loan Credit Agricole lent Westbrook in May 2015 when the private equity firm bought the building from Savanna for $310 million.

Representatives for Westbrook and Credit Agricole could not be immediately reached for comment.

The new financing raises the debt-to-cost ratio from 58 percent to slightly more than 74 percent. Savanna had purchased the building at the corner of West 37th Street in 2010 for $135 million and signed more than 190,000 square feet of leases before selling to Westbrook.

The new owner continued to ink deals, such as the 28,000-square-foot lease it signed in December with health care analytics company Crossix.

In April, Westbrook leased 22,549 square feet to the used-car retailer Vroom.

Correction: A previous version of this story incorrectly reported the size of the loan. It is $230 million. 

(To view more of Westbrook Partners’ office leasing transactions, click here)


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