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New York & Tri-State  + Finance  | 

Harbor Group Refis 55 Broadway with $108M Loan

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.”

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About Paul Bubny

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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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