The Zar Group borrowed a total $210 million from Goldman Sachs to refinance its 42-story office property at 1450 Broadway in Midtown's Times Square neighborhood.

February 21, 2018 Comments Off on $210M Refinancing for Refurbished 1450 Broadway Views: 1886 New York News, Top New York

$210M Refinancing for Refurbished 1450 Broadway

The Zar Group borrowed a total of $210 million from Goldman Sachs to refinance its 42-story office property at 1450 Broadway in Midtown’s Times Square neighborhood.

“Bobby Zar and his team have personally invested themselves in the successful repositioning of this property from a new lobby to pre-built suites,” said Tal Bar-Or of Meridian Capital Group, who with Richard Sutton negotiated the loan.

The five-year balance sheet loan features full-term interest-only payments. “During this process, there were several lenders offering much higher proceeds, though the team chose to go with moderate leverage while still building a large capital base for future acquisitions,” said Bar-Or.

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