June 19, 2020
B6 Real Estate Advisors recently closed on a transaction at 226 W. 52nd St. at $6,796,465. B6’s client, Shout Outdoor Media, acquired the Novotel Billboard, a billboard asset in Times Square, and needed to be refinanced out of the acquisition loan.
B6 was able to refinance the Novotel acquisition loan and set up a programmatic relationship with the borrower on future transactions. The brokers on the transaction were B6’s Trisha Connolly, Lynn Marcello and Nicole Schmidt.
The most unusual aspect of this transaction, says B6, was that a billboard is a rare asset type. Moreover, the deal was executed during COVID-19, when lenders were not even quoting middle-of-the-fairway deals.
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