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Office tower in Manhattan’s Financial District appeals to lenders across the spectrum
NEW YORK, June 4, 2014 – Debt market fundamentals continue to appeal to both the buying and lending side of the investment community. JLL’s Capital Markets experts today announced RXR Realty has secured $200 million in acquisition financing for 61 Broadway, a 786,975-square-foot office building located in downtown Manhattan. HSBC provided the $200million non-recourse loan in which $185mm was funded at closing with an additional $15 million in proceeds for future capital expenditures and leasing commissions to be drawn down at RXR’s option.Managing Director Kelly Gaines and Senior Vice President Brett Rosenberg led the JLL team on the transaction.
“An impressive building backed by best in class sponsorship and located in Manhattan’s highly desirable financial district checks all the boxes in regards to what lenders seek,” said Gaines. “In addition, the neighborhood is moving toward a ‘live, work, play’ environment, which is gaining significant momentum among today’s work force.”
The 33-story tower was acquired in March for $330 million in a sale transaction led by JLL’s investment sales team including Vice Chairmen Richard Baxter, Jon Caplan, Yoron Cohen and Scott Latham. It is recognized among the skyline for its clean, geometric shape and hosts a variety of tenants, including those in the financial, legal, education, technology and healthcare sectors. It is located near the city’s top restaurants, high-end retailers, cultural attractions, parks, hotels and residential developments.
About Capital MarketsJLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2013 alone, JLL Capital Markets completed $99 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
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About JLLJLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4 billion, JLL has more than 200 corporate offices and operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3 billion square feet and completed $99 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $48.0 billion of real estate assets under management. For further information, visit www.jll.com.
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