In perhaps a sign of confidence for Manhattan’s Midtown office market, Edge Fund Advisors and HSBC have nabbed a $590 million debt package to refinance their property at 1540 Broadway in Times Square.
Funds managed by Apollo, together with MSD Partners and Monarch Alternative Capital, provided the loan for the trophy office asset, which recently underwent a $40 million capital improvement program.
Newmark’s Dustin Stolly, Jordan Roeschlaub and Nick Scribani negotiated the debt.
The New York Post first reported the deal.
Among the recent renovations completed at 1540 Broadway were a new 27,000-square-foot amenity floor designed by Gensler, a new entrance and lobby and destination dispatch elevators. There is also new smart-building technology and a new co-generation plant that is expected to generate 70 percent of the property’s base building energy on site.
The significant refinance comes on the heels of Blackstone’s $308 million loan on nearby 1740 Broadway transferring to special servicing, and the developer also handing back the keys to the 26-story property, as Commercial Observer first reported.
Monarch recently made a bid to take over Paramount Group, which was rejected by the real estate investment trust in late March. Interestingly, Paramount acquired 1540 Broadway in 2004 before selling it to Equity Office Properties two years later.
Officials for Edge Fund Advisors did not immediately return requests for comment. Apollo and Newmark officials declined to comment.
Andrew Coen can be reached at email@example.com.