NYCB Provides $89M Refi for Two Nomad Office Properties
Kew Management has received an $89 million refinancing package from New York Community Bank for two Nomad office properties—the Townsend and The St. James.
Meridian Capital Group’s Allan Lieberman negotiated the financing, which consists of a seven-year, $33 million loan with a fixed-rate of 3.875 percent and a five-year, $56 million mortgage with a fixed-rate of 3.265 percent.
“With low interest rates available near the same levels as their soon-to-be-maturing loans on the buildings, Meridian advised Kew to structure a recapitalization,” Lieberman said in prepared remarks. “We were successful in providing Kew’s management with a strategy that accomplished their short- and long-term goals.”
The Townsend is a 12-story, 97,300-square-foot office property located at 1123 Broadway and The St. James is a 16-story, 156,000-square-foot office property located at 1133 Broadway. Both buildings were erected in 1896 and are located on the same block between West 25th and West 26th Streets.
Following a previous refinance in July 2013—also provided by NYCB—the properties underwent a capital improvement program, signing new tenants including restaurant La Pecora Bianca and a Rizzoli bookstore.
“Allan and Meridian have provided invaluable counsel to Kew as we have enhanced our own portfolio and helped make NoMad a vital part of New York’s economy,” Leslie Spira Lopez, the president and CEO of Kew Management said. “They have both the expertise and vision to make Kew’s properties and New York ever greater places in which to do business.”
A spokesman for NYCB declined to comment.