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Citigroup Provides $180M Recapitalization Loan For 1551 Broadway Retail In Midtown Manhattan

Property Image
FINANCED
$180,000,000
Clifford (Cliff) Welden
William (Bill) Weber
+ 1

New York

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Retail
Financed 04/05/2024
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Property Image
FINANCED

Citigroup Provides $180M Recapitalization Loan For 1551 Broadway Retail In Midtown Manhattan

1551 Broadway

See Similar Deals
Retail
Financed 04/05/2024
Clifford (Cliff) Welden
William (Bill) Weber
+ 1
Contact now

Summary

NEW YORK
Asset Type:Retail
Transaction Type:Loan

The property at 1551 Broadway in Midtown Manhattan was part of a commercial real estate transaction involving a retail asset. The loan for the deal, totaling $180,000,000, was provided by Citigroup for the purpose of recapitalization. The landlord of the property is Jeff Sutton, with the representation of brokers Henry Stimler, Anthony Orso, Clifford Welden, and Bill Weber from Newmark.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $180,000,000
  • Address: 1551 Broadway
  • Market: Midtown Manhattan

The key individuals involved in this transaction include Clifford Welden, Anthony Orso, Jeff Sutton, Henry Stimler, and William Bill Weber. Henry Stimler, Anthony Orso, Clifford Welden, and Bill Weber represented the deal as brokers from Newmark.

Players

Anthony Orso
7 deals$7.4B volume
BROKER

William (Bill) Weber
Newmark
49 deals$9.6B volume
BROKER

Henry Stimler
Newmark
53 deals$4.7B volume
BROKER

Clifford (Cliff) Welden
Newmark
7 deals$5.4B volume
BROKER

Citibank
LENDER

Details

FINANCED
IMAGE: Clifford Welden, Anthony Orso, Jeff Sutton, Henry Stimler & William Bill Weber DATE: 04/05/2024 ADDRESS: 1551 Broadway MARKET: Midtown Manhattan ASSET TYPE: Retail LENDER: Citigroup LANDLORD: Jeff Sutton BROKERS: Henry Stimler (@HenryStimler), Anthony Orso, Clifford Welden (@Cliff_Well_Done) & Bill Weber - Newmark (@Newmark) LOAN AMOUNT: $180,000,000 LOAN TYPE: Recapitalization

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$180,000,000.00

Monthly NOI$1,200,000.00
Monthly Debt Service$1,137,722.44
Change in Cash Flow$0.00
Refinance Proceeds$0.00