Financing
Jeff Sutton lands financing for 1552 Broadway
Published on
United Overseas Bank provides the debt
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.
