Tamares Group has inked a four-year extension for its $505 million loan on its Times Square office building, 1500 Broadway, as the landlord prepares to say goodbye to two major tenants.
The debt on the asset breaks down to a $170 million mezzanine loan and a $335 million mortgage-backed securities senior loan, according to a report from the Commercial Observer. The senior portion of the debt was moved to special serving before the maturity took effect on October 2024.
As part of the deal, Tamares is pouring in $20 million worth of equity into 1500 Broadway and about a $20 million payment for capex and leasing to stabilize the property, the CO said.
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