HFF Closes $26M Refi for Manhattan Office Asset

HFF worked on behalf of Hidrock Properties and an institutional investment partner to close the refinancing of the fully leased building.

New YorkHFF recently arranged a $25.5 million refinancing for a 79,750-square-foot office building located in the Garment District of Manhattan.

Aerial photo of 35 West 36th Street

Aerial photo of 35 West 36th Street

HFF worked on behalf of the borrower, a joint venture between Hidrock Properties and an institutional investment partner, to secure the five-year, floating-rate loan through M&T Bank. Managing Director Steven Klein and Director Geoff Goldstein led the HFF debt placement team.

35 West 36th Street was originally built in 1911 and features 72,600 square feet of office space, as well as 7,150 square feet of ground-floor retail space. The 12-story building was fully leased at the time of the announcement and has a diverse tenant roster with no one tenant occupying more than 8.3 percent of the building. The recently refinanced asset sits in close proximity to Herald Square and the Times Square, Grand Central and Midtown South submarkets.

Image via Google StreetView