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Shorenstein Lands $350M Loan on 1407 Broadway
JLL Capital Markets arranged a $350-million loan to finance the leasehold position of 1407 Broadway, a 43-story, 1.1-million-square-foot office tower three blocks south of Times Square. The group worked on behalf of Shorenstein Properties to place the five-year loan with Barclays.
Senior Director Geoff Goldstein, Senior Managing Director Michael Gigliotti and Managing Director Christopher Peck led the financing on the JLL Capital Markets team. JLL’s Andrew Scandalios, senior managing director; and David Giancola, managing director, offered office expertise.
The deal was secured by HFF prior to its acquisition by JLL on July 1. Co-brokerage services were provided by Jones Lang LaSalle Americas Inc.
Built in 1950 and designed by Ely Jacques Kahn, 1407 Broadway underwent a $62-million modernization campaign in 2015, following Shorenstein’s acquisition of the property. The three-year program included the renovation of the lobby, common areas, security, roof and terrace as well as elevator cab upgrades.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
