NEW YORK CITY—The Swig Co. and Himmel + Meringoff Properties have closed on $134.2 million in debt financing they secured in order to redevelop and reposition 1460 Broadway. The lender wasAareal Capital Corp., a subsidiary of Wiesbaden, Germany-based Aareal Bank Group.
Himmel + Meringoff joined the Swig Co.—which has no relation to Swig Equities—last month to buy out their former partner's 49% interest in the 16-story, 215,000-square-foot property, located in the heart of Times Square at the intersection of West 41st street. In conjunction with the acquisition, Eastdil Secured was first hired as the partnership's exclusive advisor on the equity recapitalization and then as the exclusive agent in refinancing the project.
“Eastdil did an exemplary job in both representing the venture and the debt placement,” says Leslie Himmel, principal of Himmel + Meringoff. The company will serve as the project's local partner overseeing the redevelopment of this property which will become 100% available in 2015.
“Aareal Capital Corporation has a unique understanding of commercial projects specializing in creative repositioning efforts such as ours,” says Jeanne Myerson, president and CEO of the Swig Company. “Aareal complements a prestigious team that will now invest over $40 million to transform 1460 Broadway into a leading building in this very exciting market.”
Adds Stephen Meringoff , managing partner of Himmel + Meringoff, “We are looking forward to developing one of the few remaining Times Square properties that is zoned to allow for spectacular LED signage as well as creating 35,000 square feet of flagship retail space and 190,000 square feet of state-of-the-art office space.”
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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.
