JV Refinances 80 Broad St.

NEW YORK CITY-In an off-market transaction, locally based Carlton Advisory Services arranged a $74-million mortgage and joint venture equity financing package for the ownership of the 36-story 80 Broad St. The refinancing and recapitalization of the Lower Manhattan site enabled borrower Broadway Management to buy out its original partner and team up with Swig Burris Equities.

Carlton chair Howard L. Michaels says the mortgage terms were “very favorable” and that Carlton also accessed Swig to contribute equity capital and to joint venture with Broadway. This enabled Swig to buy out Praedium. The transaction gave the new joint venture 100% control of the asset.