NEW YORK CITY—Madison Capital has recently refinanced its Times Square District office and retail building at 1657 Broadway. The real estate investment firm received a 10-year, $80 million, 4.8% interest-only loan from Aareal Capital Corporation. The loan will be used for expiring debt with investments in other property.
In addition to the loan, Madison signed two 10-year leases with the fast-food franchise McDonald's renting 7,547 square feet and the ubiquitous coffee company Starbucks renting approximately 2,330 square feet. On Broadway, between W. 51st and W. 52nd streets, the building is near the Theater District and Times Square. With other tenants including Duane Reade and Times Square Church, the property is 100% leased.
Madison negotiated the lease directly with McDonald's. For the other lease, Madison and Jeff Winick of Winick Realty represented the landlord, and David Firestein of The Shopping Center Group represented Starbucks.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
