Lender arranges $120M financing for 75 Broad Street.JEMB JEMB Joint Environmental Management Board (US DoD) Realty, owners of 75 Broad Street in Manhattan, has announced the completion of $120 million financing by CDP CDP (cytidine diphosphate): see cytosine. (1) (Certificate in Data Processing) An earlier award for the successful completion of an examination in hardware, software, systems analysis, programming, management and accounting, Capital--Mortgages, for the Downtown office building. The Canadian-based lender has again demonstrated its commitment to New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , 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 A mezzanine loan is a relatively large loan, typically unsecured (ie., not backed by a pledging of assets) or with a deeply subordinated security structure (e.g., third lien on the property but non-recourse vis-a-vis the borrower). . 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 Millennium High School may refer to:
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 BUSAC Brock University Students' Administrative Council BUSAC Bath University Sub-Aqua Club (UK) 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 Interim financing A short-term loan made to a company on the condition that a takeout will follow with long-term or intermediate financing. interim financing The financing that supports a transaction until permanent financing can be arranged. 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. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion