Princeton International Properties has refinanced the 25-story, 413,000-square-foot 90 Broad Street, an office building in Manhattan’s Financial District, with a $100 million loan arranged by Meridian Capital Group. New York Community Bank originated the financing, which replaces an $80 million loan secured from Wells Fargo Bank in January 2017, according to Yardi Matrix data.
The building, which takes up a full block between Stone and Bridge streets, is 97 percent leased. Located close to the West Side Highway and FDR Drive, the property is also close to several subway stops including the Wall Street and Bowling Green stations. Completed in 1932, the building was designed by Cross & Cross Architects and has a dramatic Beaux Arts-style lobby. The asset underwent a cosmetic renovation in 2001. Typical floorplates range from 8,000 to 19,000 square feet and the building has views of Manhattan Harbor and Lower Manhattan.
Office tenants include numerous law, professional services and financial firms. Select Office Suites, a shared office space, has two floors totaling 38,022 square feet. The property also has 18,747 square feet of ground-floor and lower-level retail with tenants such as Dunkin Donuts, Potbelly Sandwich Shop and Just Salad.
Princeton has owned the building since January 2014, when it acquired the property from Swig Equities for approximately $129 million, per Yardi Matrix. At the time of purchase, Princeton also secured an $80 million from Wells Fargo Bank. The new financing was negotiated by Meridian Executive Vice President Jeff Weinberg, Senior Managing Director Rael Gervis and Vice President Richard Sutton, all based in the firm’s New York City headquarters.
More New York deals
In March, a Meridian team including Gervis and Sutton arranged a $182 million loan for affiliates of RXR Realty to refinance 470 Vanderbilt, a 665,000-square-foot, Class A office building in Brooklyn. The loan was provided by Bank of America. Located adjacent to the Barclays Center, the property is leased to governmental agencies and also has more than 20,000 square feet of retail space.
In October, Meridian Senior Managing Director Drew Anderman and Senior Vice President Alan Blank negotiated a $40 million loan for Moinian Group to refinance three vacant commercial properties in the Financial District. The 12-month loan featured two six-month extension options and a prime-based floating rate. The site has three four- and five-story commercial buildings totaling 64,983 square feet at 102-110 John St. in Lower Manhattan.