American Exchange Group Affiliates Refinance 1375 Broadway

A year after closing on an acquisition of 1375 Broadway, affiliates of the American Exchange Group closed on a refinancing package of the building.

Bain Capital provided 60 Guilders and Sentry Realty with a $213 million loan backed by the Midtown Manhattan office property, the Commercial Observer reported. (Both 60 Guilders and Sentry are affiliates of American Exchange.) The deal comes barely 12 months after American Exchange closed on its acquisition of the property from Savanna, secured by acquiring a $200 million debt behind the property in August 2024 from Aareal Capital.

A Newmark team including Nick Scribani, Ricky Braha and Tim Polglase arranged the latest debt on the 27-story, 520,000-square-foot property. Sentry, 60 Guilders and Newmark did not respond to the publication’s requests for comment.

Sail Harbor Capital financed the acquisition of the note in August 2024, which was then converted to a first mortgage after closing. Property records showed a mortgage amount of $165 million.

Savanna sold the building to Westbrook in 2015 for $310 million and then decided to reacquire it in 2020 for $435 million.

American Exchange is a fashion manufacturing company, but has been pursuing more real estate deals lately.

Shortly after closing on the acquisition of 1375 Broadway, Sentry and 60 Guilders purchased 1370 Broadway in Midtown South from Invesco Real Estate for $75.5 million. Fortress Investment Group provided an acquisition loan of around 65 percent loan-to-cost.

Bain Capital, founded in 1984, has approximately $205 billion of assets under management. Ryan Cotton leads the company’s real estate division.

Last month, a joint venture of Bain Capital Real Estate and 11North Partners announced that it closed a $1.6 billion fundraise, pushing their collective equity to invest in their open-air retail operating platform beyond $2 billion.

Elsewhere in Manhattan, Sovereign Partners recently secured a $150 million refinancing loan from Rialto Capital for the 20-story office building at 100 Fifth Avenue in Midtown South.

— Holden Walter-Warner