JLL arranges $210M in financing for 530 Broadway
Joint venture led by SHVO with Deutsche Finance America and BLG Capital acquired the 200,000-square-foot property
NEW YORK, March 4, 2020 — JLL Capital Markets announced today that it has secured $210 million in acquisition financing for 530 Broadway, a nearly 200,000-square-foot mixed-use building in one of New York City’s most desirable neighborhoods.
JLL worked on behalf of the borrower, a SHVO-led joint venture that included Deutsche Finance America and BLG Capital Ltd., to place the loan with LoanCore Capital LLC. The borrowers purchased the property from Wharton Property Advisors and Thor Equities in a separate transaction.
The 11-story 530 Broadway was designed by Brunner & Tryon and constructed in 1898. The building totals 197,637 square feet of mostly office space and is fully leased to significant tenants, including Anomaly, JKR, Knotel, Skechers and Club Monaco.
SHVO, Deutsche Finance and BLG Capital have partnered on the acquisition of six other properties in the past 18 months, including 685 Fifth Avenue and 711 Fifth Avenue in New York City; The Raleigh and South Seas in Miami Beach, Fla.; and 9200 Wilshire Boulevard in Beverly Hills, Calif.
The JLL Capital Markets professionals overseeing the financing transaction include Michael Tepedino, David Sitt and Robert Tonnessen.
“We are thrilled to work with Michael Shvo and his partners Deutsche Finance America and BLG Capital,” Tepedino said. “530 Broadway is a super-prime SoHo property, and it will certainly be a valuable part of this team’s portfolio.”
JLL 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 investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
SHVO brings an atelier-like experience to real estate development, fueled by a discerning eye and a passion for quality in every detail. With over $4 billion under development, SHVO is dedicated to creating extreme value by imagining and developing unique concepts in the world’s most sought-after locations for exclusive clientele. Rooted in commitment to design excellence, SHVO curates and partners with visionary architects and interior designers to create original and unique luxury residential, hospitality, and commercial developments. SHVO achieves superior financial results by bringing together esteemed real estate partners and the world’s most respected financial institutions, pension funds, capital partners, and investors.
About Deutsche Finance America
Deutsche Finance Group (“DFG”) is a Munich- based alternative asset manager established in 2005. With more than 100 employees, DFG has made investments of over 5 billion euros across more than 250 strategies in 46 countries. Deutsche Finance America (“DFA”) is the U.S. direct real estate private equity business wholly owned by DFG and its principals established in 2018. DFA has acquired nine properties with total capitalization of over $2.5 billion.
About BLG Capital Ltd.
BLG Capital Ltd. (“BLG”) is an independently managed private equity real estate investment management company focused on investments in real estate assets and companies with under- lying real estate assets in Turkey and major global cities. One of the first of its kind in Turkey, BLG provides institutional investors specialized investment platforms to participate in the rapidly growing Turkish real estate market, as well as broader international hubs such as New York City, Los Angeles and Miami. Backed by a vertically integrated investment / development platform as well as a team of investment professionals with significant expertise in real estate investments, BLG differentiates itself through its unique vision of high-end, lifestyle-focused project design and attention to detail, combined with creative real estate asset management and execution capabilities. As a developer, BLG has developed over 11 million SF of unique real estate projects. To date, BLG has raised and invested over $1.3 billion of capital through its funds and direct investment vehicles, and has over $4 billion of gross AUM.