JEMB Realty Nabs $250M Natixis Refi for 75 Broad Street
By Cathy Cunningham April 11, 2017 11:49 am
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Natixis has provided a $250 million fixed-rate, first mortgage commercial mortgage-backed securities loan to refinance JEMB Realty’s 75 Broad Street in the Financial District.
Cushman & Wakefield’s Steve Kohn and Alex Hernandez arranged the financing on behalf of the borrower.
JEMB Realty acquired the 34-story, 650,000-square-foot property in 1999, transforming the underperforming asset to a high-tech office building. Recent building upgrades include renovations of the main lobby, common areas and elevator lobbies.
“This is a great opportunity to be part of the dynamic growth and business expansion occurring in Downtown Manhattan with a premier borrower like JEMB Realty on a market leading building like 75 Broad,” said Greg Murphy, the head of Natixis Real Estate Finance Americas.
Last December, The Real Deal reported that JEMB Realty was looking to sell a 50 percent stake in the property, and at the same time refinance with a mortgage of up to $260 million.
Commercial Observer snagged a look inside the pre-war tower’s 40,000 square feet of prebuilt offices this January, the hip new spaces aimed at attracting a diverse group of tenants.
“Whether it be tech or law firms or insurance companies, it’s more the next generation of business owners that are attractive to these bright, open spaces,” Jacob Jerome, a principal at JEMB, told Commercial Observer at the time.
Representatives for JEMB Realty and Cushman & Wakefield did not immediately return a request for comment.
