Natixis Lends $250,000,000 for 75 Broad
Natixis provided a $250,000,000 fixed-rate, first mortgage CMBS loan to JEMB Realty for the refinance of 75 Broad Street, New York, NY. JEMB Realty purchased the empty, underperforming asset in 1999, and transformed the building into the ultimate high-tech office tower that has become the premier office building in Downtown Manhattan.
JEMB has begun repositioning the 34-story, 650,000-square-foot property making a substantial investment including the upgrade of the main lobby, the renovation of common areas, elevator lobbies and restrooms which has resulted in over 100,000 square feet of leasing over the last 12 months. For companies interested in buildouts, JEMB Realty offers attractive environments which highlight their corporate brand. Custom buildouts allow for flexible floor plates and creative workforce options. In recent years, JEMB Realty has also invested more than $50M in building improvements, including chilled-water systems, electrical switchgear replacements, roof replacements, elevator upgrades, heating and security system upgrades and more. The program also includes the addition of a shared conference center and a state-of-the-art fitness facility. 75 Broad Street in Lower Manhattan is a shining example of JEMB Realty's expertise in value-enhancing properties to achieve their full potential while staying up on changing trends and needs in office-using industries.
Founded in 1990, JEMB Realty is headed by Morris Bailey and Joseph L. Jerome along with Louis, Morris and Jacob Jerome.
Steve Kohn and Alex Hernandez of Cushman & Wakefield Equity, Debt & Structured Finance served as exclusive advisor to the borrower in this transaction.
Greg Murphy, Head of Natixis Real Estate Finance Americas, said “This is a great opportunity to be part of the dynamic growth and business expansion occurring in Downtown Manhattan with a premier borrower like JEMB Realty on a market leading building like 75 Broad.”