$85M financing for 75 Broad completed.

The owners of 75 Broad St. in Manhattan has announced the completion of $85 million of interim financing by CDP Capital Mortgages for the technologically advanced Downtown office building. Raymond Chalme, on behalf of the ownership, 75 Broad Street LLC, made the announcement.

CDP Capital Mortgages, Canada's largest mortgage lender, directly arranged the interim financing for the upgrade and refinancing of 75 Broad St., considered by many as the ideal location to house office and mission critical operations. JEMB Realty and its Canadian counterpart, BUSAC has a long-standing relationship with the firm, which has provided the financing for several JEMB-owned properties in Montreal including, Raycom and Place Dupuis. The financing is CDP Capital Mortgages' first transaction in the United States, a market the lender has long been interested in breaking into. The financing for 75 Broad St. was a natural extension of this relationship, with JEMB interested in further upgrading the property and CDP Capital's initiative into America's commercial real estate financing market.

"The investment will clearly pay off as 75 Broad St. continues to offer companies great office space and outstanding mission critical facilities, a rare combination in New York City buildings," commented Chalme. He added, "the office space at 75 Broad Street offers an unique opportunity for organization to combine their executive and mission critical needs under one roof. With Downtown incentives, competitive leasing rates and hands-on owners and management, 75 Broad offers all the best qualities of a Class A office building combined with technologically advanced systems required by its tenants."

The financing will allow JEMB to further upgrade the already technologically advanced 75 Broad Street. The property will undergo cosmetic upgrades of pre-built units utilizing the existing infrastructure enhancing tenant productivity in this competitive business environment. Following JEMB's purchase of the 675,000-SF property in 1999, more than $35 million was initially invested to redevelop the property with infrastructure improvements including new routing of the power feeders, telecommunications risers and emergency generators. Cosmetic improvements included new marble floors, walls and ceiling murals in the entrance lobby.