Sail Harbor Finances $200M Note on Savanna’s 1375 Broadway
By Andrew Coen January 2, 2025 4:21 pm
reprints
An office building north of Herald Square officially has a new owner.
Alen Mamrout and Joe Mamrout’s American Exchange Group just sealed its purchase of Savanna’s 1375 Broadway.
Sail Harbor Capital financed the purchase of a $200 million note on the building in August, which then cleared a pathway to ownership for American Exchange, Commercial Observer has learned.
The New York-based investment manager provided the note-on-note financing at roughly 65 percent of the cost of the note, and the debt was converted to a first mortgage on the property at closing, sources told CO. The exact financing amount could be immediately gleaned.
Newmark (NMRK) arranged financing with a team led by Adam Spies, Adam Doneger, Jordan Roeschlaub and Nick Scribani. Spies’ team also led the sale of the note.
American Exchange Group, a fashion manufacturing company, acquired the note from investors led by Aareal Capital, CO reported at the time. Savanna is continuing to operate the 27-story building under the deal.
Savanna purchased 1375 Broadway in 2010 before selling it to Westbrook Partners in 2015 for $310 million. It then reacquired the property from Westbrook in 2020 for $435 million with a $388.5 million financing package led by Brookfield Real Estate Finance, CO previously reported. The property sits at the corner of Broadway and West 37th Street, about two blocks north of Herald Square.
Joe Mamrout, executive vice president, at American Exchange Group, said in a statement that the purchase of 1375 Broadway “reflects our strong belief in the resurgence and enduring appeal of Manhattan’s office market” and “aligns with our commitment to investing in dynamic, world-class locations poised for long-term growth.”
The acquisition isn’t a one-off for the firm, by any means.
American Exchange affiliate Sentry Realty and 60 Guilders teamed up in early November to acquire a 26-story office building at 292 Madison Avenue from Vanbarton Group for around $90 million, CO first reported at the time.
The two developers also partnered on purchasing Invesco Real Estate’s 1370 Broadway in mid-November for roughly $80 million, CO first reported.
Officials at Sail Harbor Capital did not immediately return a request for comment. Newmark declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com
