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.”
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
