Newmark Knight Frank Arranges $200M Refi for Manhattan Property
- Sep 24, 2019
Newmark Knight Frank has arranged a $200 million floating-rate loan for the refinancing of 888 Broadway in Manhattan, on behalf of Affiliates of Normandy Real Estate Partners and Invesco Real Estate.
Newmark Knight Frank’s Debt and Structured Finance team was led by Vice Chairmen & Co-Heads Dustin Stolly and Jordan Roeschlaub, along with Nick Scribani, Chris Kramer, Dylan Kane and John Gallagher. TPG provided the loan.
Built in 1882, the 10-story, 221,312-square-foot property is newly renovated and consists of two connected office buildings: 888 Broadway and 38 E. 19th St. The asset includes the fee simple interest in the office condominium of 888 Broadway and the leasehold interest of the adjoining 38 E. 19th St.
According to Yardi Matrix data, the landlord recently signed leases with Netflix for 100,000 square feet, with Atlassian for 34,000 square feet and with ABC Carpet & Home for the ground retail space. The latter is also the property’s previous owner, which held the asset from 1985 until 2017 when it sold it to Normandy Real Estate Partners in a portfolio deal.
After the acquisition, the new owner began a comprehensive redevelopment program to reposition the property as a Class A—currently rated as Class B—trophy office, including a new penthouse and roof deck, a completely redesigned office lobby entrance and new building infrastructure.