Broad Street Development Secures $138 Million Refinance Loan For 370 Lexington Avenue In Manhattan

The asset involved in this transaction is an office space located at 370 Lexington Avenue in Manhattan, encompassing a total square footage of 317,000. The refinancing deal amounts to $138,000,000, which includes a combination of equity injection and financing needed to retire an existing loan.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $138,000,000
• Loan Amount: $138,000,000
• Loan Type: Refinance
• Address: 370 Lexington Avenue
• Market: Manhattan
• Landlord: Raymond Chalmé - Broad Street Development
• Lender: Acore Capital
• Brokers: Peter Griesinger, Patrick Arangio, Doug Middleton & Jack Stillwagon - CBRE

This refinancing and recapitalization was a collaborative effort between Broad Street Development and KSR Capital, which included a significant equity injection of $28 million combined with $110 million loan from Acore Capital, specifically designated to settle the previous Invesco loan.