Taconic Partners announced the closing of a $125 million refinancing loan for its redeveloped Union Square office building, 817 Broadway.
The three-year loan is from Criterion Real Estate Capital and provides capital for tenant-fit out and leasing costs at the building, which recently completed construction of a 4,000 s/f rooftop terrace with 360-degree views; a renovation of the lobby, modernization of elevators and MEP systems, new windows; and the introduction of high-end, furnished office suites.
Leasing activity at 817 Broadway has seen a significant uptick since the end of the first quarter of this year, according to Chris Balestra, president and Chief Investment Officer of Taconic Partners.
“We’re pleased to partner with Criterion Real Estate Capital on this venture,” said Balestra. “817 Broadway is an important asset in our office portfolio. This shows there is ample debt capital for this segment of the office market where we have seen the quickest recovery in leasing activity, post-pandemic.”
817 Broadway is a 140,000 s/f commercial building acquired by Taconic Partners in late 2016 in partnership with Nuveen Real Estate.
“Taconic has expertly reimagined 817 Broadway and positioned the property to capture tenant demand as New York City continues its dynamic recovery,” said Adam Falk, Managing Director, Criterion Real Estate Capital. “We share Taconic’s commitment and belief in New York City and are proud to have provided financing for Taconic to complete its vision for the property. We look forward to future transactions and to building on our relationship.”
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