Tuesday, September 17, 2013

SL Capital Provides $130 Million Financing for Landmark Paramount Building in New York's Times Square

  
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.

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. 

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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