JEMB gets $156m deal on 75 Broad.

JEMB Realty, owner of 75 Broad Street in Downtown Manhattan, announced the completion of $156.7 million in financing from CWCapital LLC.

Tammy Heyman, Managing Director of CWCapital's New York office, arranged the five-year fixed rate financing. Joseph Jerome, principal of JEMB Realty, made the announcement.

JEMB purchased 75 Broad Street, a 675,000 s/f property, in 1999 and immediately implemented a repositioning program to attract a more diversified tenant roster. Investment efforts included extensive upgrades to all common areas, new elevator control and cabs, and individually controlled, high-tech A/C systems. In 2003, New York City Department of Education leased nearly 100,000 s/f of space in the sophisticated building to house Millennium High School, the first and only public high school built in a Downtown privately-owned office building.

In 2004, JEMB completed a significant capital improvement initiative including a new cooling system and facade work for the high school.

JEMB's intensive repositioning efforts of 75 Broad Street, has made it the ideal location for a variety of uses, including corporate, mission critical and government offices. "The financing from CWCapital indicates the strength of the building and its ability to house a wide range of organizations, as well as the progress being made in the redevelopment of Downtown Manhattan," stated Jerome. "75 Broad Street is a top caliber asset ideally positioned to absorb and promote the many positive happenings in this market."

"JEMB Realty has done an exceptional job establishing 75 Broad Street as a premier home for a variety of corporations, from law firms to New York schools," said Ms. Heyman.

"We have enormous confidence in the future success of Downtown Manhattan and believe this investment is a great opportunity to take advantage of the market as well as JEMB's seasoned management."