Normandy and Columbia Property Trust to redevelop an office property
Normandy Real Estate Partners and Columbia Property Trust have secured a $187 million loan package from Apollo Commercial Real Estate Finance for 797-799 Broadway, according to the CO. Plans call for the development of an office building (182,000 SF) at the corner of East 11th Street and Broadway in the East Village.
Financing breakdown: The package includes a $97 million mortgage, a $77 million mezzanine loan, and a $13 million building loan. It replaces $55 million in acquisition financing provided by Ladder Capital in 2016.
Worth Noting: Columbia paid $70 million for Ares’ 50 percent stake in the property.