NYCB Provides $100M Refi for 90 Broad Street
By Cathy Cunningham April 3, 2019 3:02 pmreprints
Princeton International Properties has nabbed a $100 million loan to refinance 90 Broad Street, Commercial Observer can first report.
New York Community Bank provided the debt on the 25-story Financial District office property, sources said, which replaces an $80 million mortgage from Wells Fargo from 2017.
Meridian Capital Group’s Jeff Weinberg, Rael Gervis and Richard Sutton arranged the financing.
The Class-A asset—which spans a full block between Stone Street and Bridge Street—comprises 413,000 square feet and is currently 97 percent occupied.
Its office tenants include independent publisher George Braziller, strategic advisory firm Kepler Cannon, law firms Capuder Fazio Giaccoia and Schwartz, Goldstone & Campisi and Change to Win, a Washington D.C.-based partnership of four national employee unions.
Its ground floor retail tenants include Café Grumpy, Potbelly Sandwich Shop, Just Salad, Five Iron Golf and Dunkin Donuts.
The property was designed by Cross & Cross Architects in 1932 and features a Beaux Arts-style lobby with a barrel vaulted gold leaf ceiling. Typical floor plates range from 8,000 square feet to 19,000 square feet, per Princeton’s website and several tenants have views of Manhattan Harbor and over Lower Manhattan.
Previously owned by Kent Swig’s Swig Equities, Princeton International snapped up the building for $126 million in 2013.
Officials at Princeton International did not immediately respond to a request for comment. Officials at NYCB could not immediately be reached for comment.