{"id":1004404553,"date":"2020-03-31T02:35:52","date_gmt":"2020-03-31T10:35:52","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004404553"},"modified":"2020-03-31T06:56:55","modified_gmt":"2020-03-31T14:56:55","slug":"iconic-manhattan-skyscraper-lands-510m-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/iconic-manhattan-skyscraper-lands-510m-refi\/","title":{"rendered":"Iconic Manhattan Skyscraper Lands $510M Refi"},"content":{"rendered":"
\"\"<\/a>

120 Broadway. Image by Elisa Rolle via Wikimedia Commons<\/em><\/p><\/div>\n

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.<\/p>\n

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<\/a>, Thornton Tomasetti and the Department of City Planning.<\/p>\n

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<\/em>. The program included reimagining and reopening The Bankers Club, once an exclusive Downtown venue on the 40th<\/sup> 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.<\/p>\n

Steve Kohn, Alexander Hernandez, Alex Lapidus and Meredith Donovan of Cushman & Wakefield\u2019s equity, debt and structured finance team worked on behalf of the owner in securing the deal.<\/p>\n","protected":false},"excerpt":{"rendered":"

Wells Fargo Bank provided the floating-rate loan for the revamped 120 Broadway building. <\/p>\n","protected":false},"author":240,"featured_media":1004404565,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1600,21742,10,21747],"tags":[32799,34035,43289,33231,39202,33215],"class_list":["post-1004404553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-cushman-wakefield","tag-silverstein-properties","tag-steve-kohn","tag-u-s-bank","tag-ubs-realty-investors","tag-wells-fargo-bank"],"acf":[],"yoast_head":"\nIconic Manhattan Skyscraper Lands $510M Refi - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/iconic-manhattan-skyscraper-lands-510m-refi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Iconic Manhattan Skyscraper Lands $510M Refi\" \/>\n<meta property=\"og:description\" content=\"Wells Fargo Bank provided the floating-rate loan for the revamped 120 Broadway building.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/iconic-manhattan-skyscraper-lands-510m-refi\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-31T10:35:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-03-31T14:56:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/120-Broadway.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"884\" \/>\n\t<meta property=\"og:image:height\" content=\"685\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Timea-Erika Papp\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/iconic-manhattan-skyscraper-lands-510m-refi\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/iconic-manhattan-skyscraper-lands-510m-refi\/\",\"name\":\"Iconic Manhattan Skyscraper Lands $510M Refi - 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