Prudential Lends $245M on 1700 Broadway in Midtown West

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Prudential Mortgage Capital Company provided New York-based Ruben Companies with $245 million in financing on a 42-story office building at 1700 Broadway in Midtown West, according to records filed with the city on Friday.

The first mortgage carries a fixed-rate over a long term, someone close to the deal told Commercial Observer on the condition of anonymity.

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Ruben Companies recently consolidated its ownership in the building by buying the fee position on the property for $280 million, as CO first reported. The firm constructed the 650,000-square-foot building between West 53rd and West 54th Streets in 1968 through a ground lease with The Shubert Foundation.

The Singer & Bassuk Organization arranged the loan.

Representatives for Ruben Companies and Prudential were not immediately available for comment. A spokeswoman for Singer & Bassuk declined to comment.