Lender arranges $120M financing for 75 Broad Street.
The Canadian-based lender has again demonstrated its commitment to New York, and specifically the Downtown market, by arranging the funds for this viable building, allowing the owner's to recapitalize the structure and retire Lehman Brother's mezzanine loan. Raymond Chalme, principal of JEMB Realty, made the announcement.
CDP Capital--Mortgages, a subsidiary of the Caisse de depot et placement du Quebec and Canada's largest mortgage lender, directly arranged the financing for a significant capital improvement initiative that includes a new cooling system, facade work and tenant improvements for one of the building's newest tenants Millennium High School.
These undertakings will also serve to benefit new tenants at 75 Broad Street, which considered by many as the ideal location for a variety of uses, including office, mission critical and educational facilities.
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' second transaction for 75 Broad Street, having arranged $85 million interim financing last year.
The financing for the property is a natural extension of this relationship, with JEMB interested in further upgrading the property and CDP Capital--Mortgages' initiative into America's commercial real estate financing market.
"The financing from CDP Capital--Mortgages further solidifies our outstanding relationship with the firm," commented Mr. Chalme.
He added, "It offers us the opportunity to upgrade the building's existing systems to meet the dynamic needs of the current tenants as well as new organization interested in leasing space at the property."
"In addition to further illustrating the owner's partnership with CDP Capital--Mortgages, the new loan creates a win-win situation for all parties--the lender, the owners and most of all the tenants," commented Daniel M. Blanco, Managing Director of JEMB Realty.
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|Publication:||Real Estate Weekly|
|Date:||Jan 28, 2004|
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