NEW YORK CITY—A lower Manhattan office tower is being refinanced thanks to a $95 million mortgage loan. Home to a TGI Fridays and some other retail space, 47 Broadway is owned by the Riese Organization and spans 403,800 square feet.
The 12-year loan, provided by a life insurance company, features a competitive fixed-rate of 3.78% and six years of interest-only payments followed by a 30-year amortization schedule. The transaction was negotiated by Meridian Capital Group's senior managing director Abe Hirsch and managing director Daniel Jacob.
The 32-story Class A office property was purchased last year by Riese from Harley 47 LLC, according to industry data sources. The purchase price was unclear at press time. The building was constructed in 1983 and designed by Fox & Fowle Architects.
“As treasuries rallied earlier this spring, Meridian was able to leverage our relationship with the lender to secure a long term forward rate lock allowing the client to close with an interest rate well below current market levels,” says Jacob.
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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.
