Iconic Manhattan Skyscraper Lands $510M Refi
- Mar 31, 2020
Silverstein Properties and UBS Realty Investors have received $510 million in refinancing for 120 Broadway, a 1.9 million-square-foot landmark property also known as the Equitable Building in Downtown Manhattan. Wells Fargo Bank provided the floating-rate loan, while Cushman & Wakefield facilitated the transaction.
According to public records, the financing replaces a $310 million mortgage originated in 2013. The borrower worked with Wells Fargo in obtaining the previous loan as well, which was assigned to U.S. Bank as a CMBS mortgage in mid-2013, with a maturity date set for March 2020. Office tenants at 120 Broadway include Macmillan Holdings, Thornton Tomasetti and the Department of City Planning.
The ownership will use the refinancing package to wrap up the final phases of its capital improvement and leasing program at the building. In July 2019, the owners completed a $50 million, two-year renovation, according to the New York Yimby. The program included reimagining and reopening The Bankers Club, once an exclusive Downtown venue on the 40th floor. Extensive exterior renovations, elevator and security upgrades and a refurbished lobby were also part of the improvements. Completed in 1915, the 40-story skyscraper occupies an entire city block, from Nassau Street to Broadway. Until 1930, the property was the largest building in the world.
Steve Kohn, Alexander Hernandez, Alex Lapidus and Meredith Donovan of Cushman & Wakefield’s equity, debt and structured finance team worked on behalf of the owner in securing the deal.