Tuesday, January 26, 2016

HFF secures $13.68 million acquisition bridge financing for Tribeca mixed-use property in Manhattan, NY

315 Broadway, Tribeca Neighborhood, Manhattan, NY

Steven Klein
NEW YORK, NY  -- Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $13.68 million in acquisition bridge financing for 315 Broadway, a 17,615-square-foot, mixed-use property in Manhattan’s Tribeca neighborhood.

HFF worked on behalf of the borrower, United American Land, LLC, to arrange the four-year, floating-rate loan through Peoples United Bank.  

Given the short term leases in place, the borrower intends to reposition the property into a boutique office building with high quality retail space on the ground floor. HFF was also involved in the sale of the property in October 2015.

315 Broadway is located in the Tribeca submarket of Manhattan on the west side of Broadway between Duane and Thomas Streets.  This location is proximate to area transportation including the subway, PATH train and the World Trade Center Transportation Hub.

 The five-story loft property has 13,900 square feet of office space and 3,715 square feet of ground floor retail..  The property also has approximately 23,401 square feet of unused air rights.

Geoff Goldstein
The HFF debt placement team representing the borrower was led by managing director Steven Klein and director Geoff Goldstein.

“With the strength of the asset’s location in Tribeca and top-tier sponsorship, we received a great deal of interest in this offering from commercial banks,” said Klein. “Peoples understood the business plan to fully reposition the property and provided attractive terms in a timely manner to secure the financing.”

United American Land LLC (UAL) is a family-owned real estate development, investment and management company based in New York City.  Its principals, the brothers Albert, Jason and Jody Laboz, own and manage almost fifty properties in Manhattan, Brooklyn and Queens. 

 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

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