April 11, 2017
April 12, 2017
JEMB Realty borrowed $250 million to refinance 75 Broad St, a 34-story, 650,000-square-foot tower in Manhattan’s Financial District. Natixis Real Estate Finance Americas provided the fixed-rate, CMBS loan.
The firm bought the empty, underperforming asset in 1999, and has spent more than $50 million on improvements. Its latest renovations upgraded the main lobby and common areas, resulting in 100,000 square feet of leasing.
“This is a great opportunity to be part of the dynamic growth and business expansion occurring in Downtown Manhattan, with a premier borrower like JEMB Realty on a market leading-building like 75 Broad,” said Greg Murphy, head of Natixis, which is an arm of French banking giant, Groupe BPCE.
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