Westbrook refis 1375 B’way with $230M loan

New financing from Credit Agricole replaces $180M mortgage

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

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)


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
NYCEEC co-CEOs Curtis Probst and Fred Lee (iStock, NYEEC)
The wait is over: C-PACE finally goes live in NYC
The wait is over: C-PACE finally goes live in NYC
Nightingale’s Eli Schwartz and 111 Wall Street (Google Maps, Nightgale)
Nightingale, Wafra secure $500M loan package to revamp 111 Wall
Nightingale, Wafra secure $500M loan package to revamp 111 Wall
1133 Sixth Avenue, 114 West 47th Street, 537 Greenwich Street and 55 Broadway (Tdorante10/Wikimedia, Durst Organization, Easter Consolidated Google Maps)
These were the largest Manhattan real estate loans in May
These were the largest Manhattan real estate loans in May
Acting Katara CEO Andrew Humphries and 355 West 16th Street (Google Maps, AHIC)
Katara Hospitality takes over Dream Downtown’s $125M ground lease
Katara Hospitality takes over Dream Downtown’s $125M ground lease
Blooma founder Shayne Skaff (LinkedIn, iStock)
CRE fintech startup Blooma nabs $15M in funding
CRE fintech startup Blooma nabs $15M in funding
Blackstone’s Jon Gray and Skyview Mall at 40-24 College Point Blvd (Getty, Shops at Skyview)
Blackstone lands $285M CMBS refi for Flushing’s Skyview mall
Blackstone lands $285M CMBS refi for Flushing’s Skyview mall
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...