New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
$210M Refinancing for Refurbished 1450 Broadway
The Zar Group borrowed a total of $210 million from Goldman Sachs to refinance its 42-story office property at 1450 Broadway in Midtown’s Times Square neighborhood.
“Bobby Zar and his team have personally invested themselves in the successful repositioning of this property from a new lobby to pre-built suites,” said Tal Bar-Or of Meridian Capital Group, who with Richard Sutton negotiated the loan.
The five-year balance sheet loan features full-term interest-only payments. “During this process, there were several lenders offering much higher proceeds, though the team chose to go with moderate leverage while still building a large capital base for future acquisitions,” said Bar-Or.
For comments, questions or concerns, please contact our New York commercial real estate editor Bendix Anderson
