HFF ARRANGES $110M LOAN FOR MANHATTAN MULTIFAMILY PROPERTY
NEW YORK — HFF has arranged $110 million in permanent financing for 25 Broad at the Exchange, a 308-unit, Class A multifamily property in Manhattan’s Financial District. HFF worked on behalf of LCOR, a fully integrated real estate company, to secure the seven-year, fixed-rate loan. Northwestern Mutual Life Co. is the lender.
Originally constructed in 1902 and recently renovated, 25 Broad at the Exchange is located adjacent to the New York Stock Exchange. Apartment options include one- and two-bedroom floor plans and 19 penthouse units.
The residences are currently 95 percent leased. A fitness center, yoga studio, children’s playroom, resident lounge and billiards room are among the community amenities.
The 25 Broad at the Exchange property also includes three retail spaces, leased to Bobby Van’s Steakhouse, men’s formal wear boutique Canali and a dry cleaner. Battery Park, the 9/11 Memorial and Brooklyn Bridge are all in close proximity.
LCOR, formed in 1992 to continue the legacy of The Linpro Company, specializes in property management, development and investment. The company’s operating and development business manages a portfolio including approximately 8,500 multifamily units, 7.5 million square feet of commercial space and several mixed-use projects in core markets nationwide.
Jon Mikula and Jim Cadranell of HFF led the team representing the borrower. HFF (Holliday Fenoglio Fowler LP) is owned by HFF Inc. (NYSE: HF). The parent company’s stock price closed at $25.01 per share on Monday, up from $13.93 one year ago.
— John McCurdy