Bank of Montreal Leads $330M Refi on 26 Broadway
By Andrew Coen February 8, 2022 12:42 pm
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Chetrit Organization has landed a $330 million debt package to refinance an office property in the heart of Manhattan’s Financial District, Commercial Observer has learned.
Bank of Montreal led financing for the loan at 26 Broadway as part of a partnership that also included Starwood (STWD) Capital Group and HPS Partners. Iron Hound Management Company’s Robert Verrone and Anthony D’Amelio arranged the transaction.
Chetrit, which is headed by Jake and Michael Chetrit, acquired 26 Broadway, also known as the Standard Oil Building, for $225 million in 2007, according to The Real Deal. It also paid $34.8 million to purchase a leasehold interest on a portion of the ground under the 29-story property, TRD reported.
The building’s main tenants include school campuses operated by the New York City Department of Education, Cornell University and New York Film Academy. It also houses tech, media and marketing companies as well as law firms. The New York State Court of Claims operates a courtroom in the property and recently signed a new 10-year lease, according to Iron Hound.
Originally constructed by John D. Rockefeller to serve as the headquarters for Standard Oil, the 1926-built structure is located across from Wall Street’s iconic Charging Bull statue.
Manhattan-based Chetrit Organization and Iron Hound declined to comment. Bank of Montreal did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
