Broad Street Development and its joint venture partner Invesco has landed $235 million in recapitalization for 80 Broad Street. The 36-story, 432,000 square foot Art Deco tower in central Manhattan was built in the 1930s. The funding, procured from AIG, encompasses a $102 million first mortgage assumption, plus an additional $30 million mezzanine loan. Invesco has injected new equity into the capital stack as well. BSD formed a joint venture with Invesco for 80 Broad Street, transferring a controlling stake in the office tower for $235 million ($550 psf). The partnership recapitalized the tower, taking out previous mezzanine lenders RXR Realty and Colony Capital. BSD acquired 80 Broad Street in 2014 for $173 million.
“We are reinvesting in downtown Manhattan in a major way. We’ve been bullish on downtown for 15 years and continue to be,” said Raymond Chalme, CEO of real estate investment firm BSD. “We believe in this asset and the market, and know that working with our partner Invesco we can make further improvements to 80 Broad Street so it can achieve even greater success as a beacon for businesses in the city.”
