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Jeff Sutton lands $305M refi for 530 Broadway

Morgan Stanley provided the financing

530 Broadway (Credit: 42Floors)

Jeff Sutton’s Wharton Properties has secured $305 million from Morgan Stanley to refinance 530-536 Broadway. The three office and retail properties span 210,000 square feet. 

Financing breakdown: The floating-rate loan refinances a $200 million senior loan from Morgan Stanley, and $100 million in other debt, according to TRD. The loan has a term of three years with two 1-year options and is tied to LIBOR. 

Flashback: In March, Sutton acquired $60 million in mezzanine loans and $40 million in preferred equity that SL Green provided at the time of the acquisition. The retail units are fully tenanted and the office space is 95% occupied. This brings the NOI close to $19.7 million.

Interesting history: Joe Sitt’s Thor Equities paid $190 million for the buildings in 2007, and sold them to Sutton seven years later for $326 million. SL Green and Joe Sitt still retain minority stakes in the asset.

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