New York & Tri-State + Downtown New York + Finance | March 10, 2023

Newmark Arranges $90M Green Loan on NoMad Tower

Corem AB and GDS Development LLC closed a $90-million loan on their trophy office tower at 1245 Broadway with German bank Deutsche Pfandbriefbank AG (pbb), one of Europe’s leading real estate financing institutions. The transaction is pbb’s first green loan in the U.S.

Newmark’s Debt & Structured Finance team secured the loan for ownership. The low-leverage take-out facility will include financing current and future tenant fit-outs for the 200,000-square-foot tower in NoMad, which has become known as a film, media, technology and creative arts headquarters.

The financing for the asset was secured by Newmark’s co-heads of Debt & Structured Finance Jordan Roeschlaub and Dustin Stolly, along with Nick Scribani.

“Class A+ institutionally-owned office product, irrespective of the current capital markets environment, continues to attract backing from world-class capital like pbb,” said Stolly. “We’re looking forward to seeing this new partnership succeed by bringing ownership’s vision of the newly constructed property into fruition.”

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Newmark's StollyNewmark's Roeschlaub

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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