NEW YORK CITY-HFF announced Monday that it has arranged a $110 million permanent financing for 25 Broad at the Exchange, a newly-renovated, 308-unit, Class A multi-housing property in Lower Manhattan.
HFF represented LCOR to secure the seven-year, fixed-rate permanent loan with Northwestern Mutual Life Company. The HFF team representing the borrower was led by senior managing director Jon Mikula and managing director Jim Cadranell.
25 Broad at the Exchange is located Downtown, across from the New York Stock Exchange. Originally built in 1902, the property is 95% leased, with units ranging from studios to one-, two- and three-bedroom options, and 19 penthouse units. The property also includes three retail spots: Bobby Van's Steakhouse, Canali and a dry cleaner. Building amenities include a fitness center, yoga studio, children's playroom, resident lounge, billiards room, golf simulator and rooftop lounge.
LCOR acquired the former office building from Swig Equities, which converted the former office tower into a residential asset but then defaulted on the property during the recession. LCOR is principally focused in the eastern United States, with offices in New York City and the Washington D.C. and Philadelphia metro areas.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
