Jeff Sutton and SL Green Realty scored a $195 million loan for their prime Times Square retail property at 1552 Broadway, sources told The Real Deal.
The partners secured a five-year loan from Singaporean firm United Overseas Bank with an interest rate of LIBOR + 2.65 percent. The new mortgage replaces a $185 million loan from Canadian Imperial Bank of Commerce.
The owners acquired the landmarked 15,000-square-foot property in 2011 for $137 million, and also picked up the ground lease to neighboring 1560 Broadway. The joint-venture partners knocked down the walls to create a connected space and signed clothier Express to a 30,000-square-foot deal in 2012.
But less than three years into the 15-year deal, Express tried to get out of the lease. It received permission to market the lease, but it doesn’t appear there were any takers.
SL Green did not immediately return a request for comment.