Newmark Duo Arranges $590M Financing on 1540 Broadway
Newmark has arranged the $590-million financing of 1540 Broadway, a Class-A landmark, trophy-office building located in Times Square, on behalf of Edge Fund Advisors and HSBC. The Newmark team was led by Jordan Roeschlaub and Dustin Stolly, co-heads of capital markets debt & structured finance. Apollo, MSD and Monarch provided the loan.
Formerly known as the Bertelsmann Building, 1540 Broadway is among a limited set of towers comprising Class-A office space in Times Square. The property underwent a comprehensive, $40-million capital improvement program over the past three years, including a new 27,000-square-foot amenity floor designed by Gensler.
Other upgrades include a new contemporary entrance and lobby, destination dispatch elevators, Smart Technology throughout the building and a new co-generation plant, which is expected to generate 70% of the property’s base building energy on-site. The property is within walking distance of Midtown Manhattan’s major transportation hubs.
- ◦Financing