Broad Street Development (BSD) and KSR Capital completed the refinancing and recapitalization of 370 Lexington Avenue, a recently modernized 317,000-square-foot office tower in Manhattan’s Grand Central submarket. The $138-million recapitalization pays off lender Invesco.
ACORE Capital provided a $110-million senior loan in support of the transaction and ownership’s continued business plan execution. CBRE’s Peter Greisinger arranged the financing and CBRE’s Pat Arangio, Jack Stillwagon, and Doug Middleton advised Invesco on the transaction. Eli Dweck and his team from Wachtel Missry LLC represented the borrowers. The international law firm of King & Spalding acted on behalf of ACORE.
Currently 92% leased, the building sits one block from Grand Central Terminal, providing access to Metro-North, Grand Central Madison, multiple subway lines, and the region’s broader transportation network.
BSD and KSR plan to invest an additional $10 million in leasing, tenant improvements, and capital projects to further enhance, modernize and stabilize the property.
The post BSD, KSR Recapitalize 370 Lexington Ave. for $138M appeared first on Connect CRE.
​Â