Office - Debt

NorthMarq Capital

NorthMarq’s New York City office completes $60 million refinance of 902 Broadway in New York, New York

NEW YORK, NEW YORK (March 1, 2019) – Brian Wylie, vice president and Craig Bjornsund, senior vice president/managing director of NorthMarq’s New York City office arranged the $60 million refinance of 902 Broadway, a 350,000 sq. ft. office property located at 902 Broadway in New York, New York. The transaction was structured with a 20-year term. NorthMarq arranged the permanent-fixed loan for the borrower through its correspondent relationship with Lincoln Financial Group. 

“This was an early refinancing of an existing first and second mortgage which included a substantial increase to finance capital improvements and leasing costs,” said Wylie. “Lincoln held the existing first mortgage, which still had many years until maturity. This transaction highlights one of the advantages of financing with insurance companies who generally hold their loans on book, and can often provide very cost effective refinancing’s, even in the middle of an existing term loan.” 

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $13 billion, loan servicing portfolio of more than $57 billion and the multi-year tenure of our more than 500 people.