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.”