GlobeSt.com EXCLUSIVE: Pickwick Plaza $114M Refi Yields 'Significant Proceeds'

GREENWICH, CT-The owner of the Pickwick Plaza office complex here, Broadway Real Estate Partners, LLC of New York City, has completed the refinancing of the 237,444-sf office property it acquired four years ago. The refinancing was for $113.5 million. According to Broadway Real Estate Partners officials, Lehman Brothers provided the senior debt financing, while Northstar supplied the mezzanine debt in the deal.

Commenting on the refinancing transaction, Scott Lawlor, chief executive officer of Broadway Real Estate Partners, says the deal resulted in “significant proceeds” to the equity investors of Pickwick Plaza. “When we acquired Pickwick Plaza in 2000 we forecast a potential refinancing in 2006 that would return 60% of invested capital. Successful leasing renewals and an opportunity in the debt market enabled us to accomplish this refinancing two years earlier then expected, at better debt rates, and at higher proceeds.”