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JV’s Boutique Office Project Lands $187M Loan
NKF Capital Markets has obtained $187 million of construction financing from Apollo for Normandy Real Estate Partners and Columbia Property Trust’s development of 799 Broadway. Normandy and Columbia formed a joint venture last month to develop the 12-story boutique office property at the intersection of Union Square and Greenwich Village.
The team was led by co-chairmen Dustin Stolly and Jordan Roeschlaub, along with Nick Scribani and Chris Kramer. Adam Spies, Adam Doneger, Kevin Donner, and Josh King of Cushman & Wakefield advised Normandy and its former partner Ares Management on the partial sale to Columbia. Gavin Evans and Travis Feehan were the project leads for Normandy, while Kevin Hoover represented Columbia.
Plans for 799 Broadway entail 147,688 square feet of office, 12,688 square feet of community space and 21,929 square feet of retail. “The state-of-the-art development will be a trophy boutique office building, certain to attract New York’s most prominent tenants,” said Stolly.
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