REBusinessOnline

COHEN FINANCIAL SECURES $5 MILLION OFFICE LOAN

NEW YORK CITY — Cohen Financial has secured $5 million in financing for a leased-fee interest in 557 Broadway, a 10-story, approximately 112,500-square-foot office building located near Washington Square Park in New York City. The building is currently owned by Scholastic Corp., which uses it as the company’s international headquarters. The ground lease is owned by a private family via a tenant-in-common structure. The ground floor of the property features 50 feet of frontage along Broadway and Mercer Street; the ground floor and mezzanine levels are occupied by a 6,700-square-foot Scholastic Company Store, which sells Scholastic products. The basement level contains a 299-seat auditorium, and floors three through 10 align with and expand the existing floors of the neighboring 555 Broadway building. Howard Taft and Charles Penan of Cohen Financial’s Miami office arranged the financing. The non-recourse loan carries a 6-year term with interest-only payments and an interest rate below 6.25 percent. The lender was Principal Global Investors.

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