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PCCP Provides Refi on Financial District Office Tower
PCCP, LLC has provided a loan to a joint venture between Broad Street Development and Invesco Real Estate, for the cash-neutral refinancing of 80 Broad St. in Lower Manhattan’s Financial District. An Eastdil Secured team led by Ken Ziebelman, Grant Frankel and Ethan Pond advised and negotiated the debt.
Broad Street Development has owned and self-managed the 36-story, 423,777-square-foot office property since 2014 and has nearly 20 years’ experience in the downtown office market. “PCCP saw this as a compelling opportunity to refinance an experienced operator and repeat PCCP borrower on a high quality and historically well-leased office asset that is well-positioned to attract tenants as the NYC office market recovers,” said Brian Haber with PCCP.
Terms of the financing weren’t disclosed. However, industry sources put it at $150 million.
Built in 1931, 80 Broad St. is a fully renovated pre-war office building with 12,385 square feet of retail space.
- ◦Financing
