Harbor Group International has recapitalized its 32-story office tower in New York City’s Financial District by refinancing the existing senior mortgage with an initial $107.7 million senior loan from an insurance company lender with a future funding component of up to $8.4 million for future leasing. The fresh capital retired Paramount Group’s preferred equity stake and is funding costs associated with recent leasing activity at the building, which is located at 55 Broadway.
Meridian Capital Group's Ronnie Levine and Ben Jacobs provided mortgage brokerage services to Harbor Group.
55 Broadway features 356,059 square feet of office and ground floor retail space. Currently, the building is approximately 89% leased to nearly 40 office and retail tenants, with 69,000 square feet leased since January 2020. Full floor tenants include The Kingdom of Morocco, Bank of Communications, Syscom and Assurant, Inc.
"As the New York office market begins to recover, we believe the recapitalization of 55 Broadway will create new opportunities for the property and position it to take advantage of the improving Downtown market fundamentals," said Harbor Group president Richard Litton in prepared remarks.
In addition to 55 Broadway, Harbor Group owns 24 West 40th Street in Manhattan.