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Financing

Jeff Sutton lands financing for 1552 Broadway

United Overseas Bank provides the debt

1552 Broadway (Credit: SNA Displays)

Jeff Sutton and SL Green Realty secured a $195 million loan for their Times Square retail property at 1552 Broadway, according to TRD.

Details: Ownership secured a five-year loan from United Overseas Bank (based in Singapore) with an interest rate of LIBOR + 2.65 percent. The new mortgage replaces a $185 million loan from Canadian Imperial Bank of Commerce.

Sound Smart: In the sluggish retail environment, Express (the property tenant), was recently unsuccessful in its attempt to sublease the 12 years remaining on its term.

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