NEW YORK CITY—A partnership among Taconic Investment Partners, TH Real Estate (a division of TIAA Global Asset management) and Squire Investments, has secured a $102 million loan from Mesa West Capital to be used for the acquisition of 817 Broadway. The prospective buyers revealed their plan to purchase the property for $109 million last month.

The loan also will be used for extensive capital improvements and a re-tenanting program for the 15-story commercial asset. JLL's Capital Markets group transacted the deal, with managing directors Jonathan Schwartz and Aaron Appel and SVP Mark Fisher leading the team.

“This financing allows strong sponsorship to transform 817 Broadway into a Class A asset that will benefit from its location in one of the world's premier office markets,” says Schwartz. “We expect financing to continue to be available as sponsors look to enhance assets to cater to the tech, media, fashion and financial tenants that have grown Midtown South's rent basis.”

Adds Appel, “This deal is a great example of the strength of Midtown South's office market. Investors will continue to covet well-located assets with value-add potential as they look to capitalize on strong rent growth trends.”

Located on the Southwest corner of 12th Street and Broadway, 817 Broadway provides tenants with easy access to public transportation at Union Square, which is two blocks north. The asset is also located just south of Midtown South's tech and media cluster, where office vacancy is just 6.7%, the lowest in Manhattan.

“Given their successful track record executing business plans in the New York metro, we're confident in the sponsors' ability to deliver once again,” notes Russell Frahm, VP, Mesa West Capital. “We are looking forward to working with the sponsorship group for the first time.”

NEW YORK CITY—A partnership among Taconic Investment Partners, TH Real Estate (a division of TIAA Global Asset management) and Squire Investments, has secured a $102 million loan from Mesa West Capital to be used for the acquisition of 817 Broadway. The prospective buyers revealed their plan to purchase the property for $109 million last month.

The loan also will be used for extensive capital improvements and a re-tenanting program for the 15-story commercial asset. JLL's Capital Markets group transacted the deal, with managing directors Jonathan Schwartz and Aaron Appel and SVP Mark Fisher leading the team.

“This financing allows strong sponsorship to transform 817 Broadway into a Class A asset that will benefit from its location in one of the world's premier office markets,” says Schwartz. “We expect financing to continue to be available as sponsors look to enhance assets to cater to the tech, media, fashion and financial tenants that have grown Midtown South's rent basis.”

Adds Appel, “This deal is a great example of the strength of Midtown South's office market. Investors will continue to covet well-located assets with value-add potential as they look to capitalize on strong rent growth trends.”

Located on the Southwest corner of 12th Street and Broadway, 817 Broadway provides tenants with easy access to public transportation at Union Square, which is two blocks north. The asset is also located just south of Midtown South's tech and media cluster, where office vacancy is just 6.7%, the lowest in Manhattan.

“Given their successful track record executing business plans in the New York metro, we're confident in the sponsors' ability to deliver once again,” notes Russell Frahm, VP, Mesa West Capital. “We are looking forward to working with the sponsorship group for the first time.”