Mortgage Observer Weekly has learned that a $310 million CMBS loan on 120 Broadway closed last week, likely at a rate in the mid-2 percent range. Wells Fargo (WFC) originated the loan.
A previous CMBS loan on the building had an outstanding balance of $215 million. Originated back in May of 2006, it was set to mature in June 2013, according to data from Trepp.
At least one other bank—Bank of America (BAC)—bid on both a CMBS and a balance sheet loan for the building, which is owned by Silverstein Properties and joint venture partner UBS Realty Investors and is known as the Equitable Building. At 40 stories and 1.8 million square feet, the building was once the world’s largest office building.
Silverstein Properties has owned 120 Broadway since 1981. UBS Realty Investors acquired a partial interest in 2011 from CalSTRS, which sold a 65 percent stake. Current tenants there include the Alliance for Downtown NY, ALM Media, N.Y. Law Institute and New York Life Insurance Co.
This most recent CMBS loan has a term of seven years and was brokered by Eastdil Secured. None of the parties involved returned phone calls seeking comment.
cgaines@observer.com
