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JEMB Realty Secures $275 Million Refinance Loan From Corebridge Financial For Herald Towers

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FINANCED
$275,000,000

New York

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Mixed-use841,835 SF
Financed 08/18/2025
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Property Image
FINANCED

JEMB Realty Secures $275 Million Refinance Loan From Corebridge Financial For Herald Towers

50 West 34th Street

See Similar Deals
Mixed-use841,835 SF
Financed 08/18/2025
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$326
Total Square Footage:841,835 SF
Transaction Type:Loan

The property involved in this transaction is Herald Towers, a mixed-use asset located at 50 West 34th Street in Manhattan's Penn Plaza. The property encompasses a total of 841,835 square feet with 690 residential units. The transaction details reveal that JEMB Realty refinanced the property with a loan amount of $275,000,000.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: $275,000,000
  • Address: 50 West 34th Street
  • Market: Penn Plaza, Manhattan
  • Asset Size: 841,835 SF
  • Units: 690
  • Lender: Kevin Hogan - Corebridge Financial
  • Landlord: Joseph L. Jerome - JEMB Realty
  • Loan Type: Refinance

Key individuals involved in the transaction include Kevin Hogan representing Corebridge Financial and Joseph L. Jerome representing JEMB Realty. The refinancing arrangement highlights the financial strategies employed by the respective parties with respect to the mixed-use property.

Players

Corebridge Financial
Corebridge Financial
LENDER
JR
JEMB Realty
LANDLORD

Details

FINANCED
IMAGE: Morris Bailey, Joseph L. Jerome & Kevin Hogan DATE: 08/18/2025 ADDRESS: 50 West 34th Street MARKET: Penn Plaza, Manhattan ASSET TYPE: Mixed-use ~ SF: 841,835 ~ UNITS: 690 LENDER: Kevin Hogan - Corebridge Financial (@CorebridgeFinancial) LANDLORD: Joseph L. Jerome - JEMB Realty LOAN AMOUNT: $275,000,000 LOAN TYPE: Refinance NOTE: JEMB Realty refinanced a $275M loan with Corebridge Financial for Herald Towers, a 690-unit mixed-use property at 50 W. 34th St. in Manhattan’s Penn Plaza.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$275,000,000.00

Monthly NOI$1,833,333.33
Monthly Debt Service$1,738,187.06
Change in Cash Flow$0.00
Refinance Proceeds$0.00