Broad Street Development, Invesco refi 80 Broad for $150M
PCCP provided loan for 423,000 sf office building
The office building at 80 Broad Street is being refinanced once again, this time with PCCP stepping in for the loan.
Broad Street Development and Invesco Real Estate’s 423,000-square-foot office building in the Financial District building is receiving a $150 million loan, sources told the Commercial Observer.
The building recently saw a $9 million capital improvement project that included upgrades to the hallways, restrooms and lobby. Speculative tenant build outs and elevator modernizations are also taking place, according to the Observer.
An Eastdil Secured team including Ken Ziebelman and Grant Frankel helped secure the financing.
“PCCP saw this as a compelling opportunity to refinance an experienced operator and repeat PCCP borrower on a high-quality and historically well-leased office asset that is well-positioned to attract tenants as the NYC office market recovers,” said PCCP Vice President Brian Haber, according to the Observer.
Invesco in December 2017 secured a $102 million mortgage on the property, courtesy of AIG Investments. The mortgage came about a month after Invesco purchased a 95 percent stake in the building from Broad Street Development for $235 million.
Broad Street Development initially bought the building in 2014 for $175 million. The developer retained a 5 percent stake in the tower and continued to manage the property.
PCCP recently provided a similarly-priced loan for the refinancing of a Garment District office tower. The company in August provided the $148 million loan to L.H. Charney Associates for its 387,000-square-foot office building at 1410 Broadway. The debt package included a $111.1 million mortgage loan, public records revealed.
Last month, Invesco closed on one of Los Angeles’ priciest office deals of the year, agreeing with Worth Real Estate Group to sell The Post at 325 North Maple Drive in Beverly Hills to IRA Capital for $153.2 million. The partners finished a $44 million office conversion of the former post office two years earlier.
[CO] — Holden Walter-Warner