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120 Broadway Lands $510M Refi from Wells Fargo
Cushman & Wakefield advised Silverstein Properties, Inc. and UBS Realty Investors in obtaining a $510-million refinancing of 120 Broadway, the landmark two-million-square-foot office and retail property in downtown Manhattan. Wells Fargo provided the floating-rate financing.
A capital markets team of Steve Kohn, Alexander Hernandez, Alex Lapidus and Meredith Donovan represented Silverstein and UBS.
“The Silverstein and UBS team has done a remarkable job refurbishing this iconic office asset to its original grandeur, and as a result, successfully leasing-up office and retail spaces,” said Kohn.
“Lenders were highly-attracted to the landmarked asset and the successes that have already been achieved following the transformative capital investment,” Hernandez added. “Wells Fargo was thoughtful and aggressive with loan terms, which will enable the Silverstein and UBS team to complete the final phases of the capital/leasing program, allowing 120 Broadway to continue its position as the preeminent pre-war office building in Lower Manhattan.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
