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| Paramount Building, 1501 Broadway, Times Square, New York, NY |
MIAMI, FL – (Sept. 17, 2013)-- Miami-based SL Capital LLC,
an exclusive correspondent lender for Cantor Commercial Real Estate (CCRE),
funded a $130 million commercial mortgage on the historic Paramount Building
located at 1501 Broadway, in the heart of New York City’s Times Square.
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| Constantine Scurtis |
Meridian Capital
Group LLC brokered the transaction which closed earlier this year.
“The Paramount is
not only a New York landmark, it’s a thriving office and retail center with
great potential,” said SL Capital CEO Constantine Scurtis. “We see this as an excellent opportunity to
participate in the vibrancy of Times Square.”
SL Capital provided
a 10-year fixed rate mortgage on the property that occupies an entire city
block between 43rd and 44th streets.
Scurtis said the borrower needed flexible, long-term fixed-rate
financing to help reposition the famous building.
The owners plan on making $50 million in capital
improvements to modernize the property with new elevators, windows, heating and
cooling systems, lighting, bathrooms,
and a side-street lobby. The last major renovations were done in
2006.
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| Times Square, New York, NY |
The 32-story,
782,230-square-foot tower counts Hard Rock Café, Bubba Gump Shrimp, Yankees
Clubhouse and Levi’s among its ground-floor retail tenants. A mix of office tenants occupies the upper
32 floors.
Based in Miami’s financial district, SL Capital is an
exclusive correspondent lender of Cantor Commercial Real Estate (CCRE) based in
New York, offering CMBS fixed- and floating-rate loans from $5 million to $200
million-plus for stabilized commercial properties including multifamily,
office, retail, industrial, warehouse, self-storage, mobile home park, assisted
living and hospitality. For more information, log on to www.slcapmarkets.com.
For a complete copy of the company’s news release, please
contact:
Todd Templin
Boardroom Communications
954-370-8999 or 954-290-0810
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