Westbrook refis 1375 B’way with $230M loan
New financing from Credit Agricole replaces $180M mortgage
UPDATED, June 13, 12:35 p.m.: Westbrook Partners [TRDataCustom] 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)