Midtown Equities and Rockwood secure $161M loan for Lower Manhattan office play

Square Mile Capital is the lender on "Number One Broadway" acquisition, repositioning

TRD New York /
Dec.December 03, 2018 05:00 PM

1 Broadway, Joseph Cayre and Peter Falco

Midtown Equities and Rockwood Capital have landed a $161 million loan for their acquisition and repositioning of the landmarked Financial District office building known as “Number One Broadway.”

The loan comes from Square Mile Capital Management, according to property records. Joseph Cayre’s Midtown, with Rockwood Capital as a majority equity partner, acquired the 12-story property at the tip of lower Manhattan for $140 million earlier this year.

Midtown did not respond to a request for comment. In a statement on Tuesday, Square Mile said the property is mostly vacant and the landlords are pitching it to tenants as a creative office opportunity. The financing was arranged by Cushman & Wakefield’s Steve Kohn and Alex Hernandez.

Midtown, a privately-held real estate investment and development company, is the investment platform for the family of Joseph Cayre. The firm had previously redeveloped the landmarked Empire Stores in Dumbo, also in partnership with Rockwood. The developers plan to convert Number One Broadway into modern offices.

Editor’s note: This story was updated to reflect that the loan is larger than what was spotted in records. 

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