Harbor Group International (HGI) has refinanced and recapitalized 55 Broadway, a Class-A, 32-story office building in Lower Manhattan’s Financial District. HGI refinanced the existing senior mortgage with an initial $107.7-million senior loan from an insurance company lender with a future funding component of up to $8.4 million for future leasing.
New equity capital was invested in the property to retire Paramount Group Inc.’s preferred equity and to fund costs associated with significant recent leasing activity at the building.
Meridian Capital Group’s Ronnie Levine, senior managing director, and Ben Jacobs, SVP, provided mortgage brokerage services to HGI in connection with the refinancing of the senior loan.
“It was a pleasure working again with the HGI team on this financing assignment,” said Levine. “Their ability to drive leasing activity during a pandemic is a testament to the quality of the asset and sponsorship.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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