Square Mile Capital provided the debt package
Midtown Equities and Rockwood Capital have secured a $124 million loan from Square Mile Capital to close on their acquisition and repositioning of One Broadway, according to CO. The duo paid a Swiss trust $139.5 million for the FiDi office building.
Financing breakdown: The debt package includes a $74.2 million senior loan, a $25.6 million building loan, and a $24.2 million project loan.
Property Details: The landmarked office building spans 218,000 SF, and features 30,000 SF of unused development rights. With excellent light and air, the new owners plan on renovating the property into modern office space.
Worth Noting: The office portion is vacant, while Citbank’s retail lease at the base of the building ends next year.