Normandy and Invesco have secured a $200 million loan from TPG Real Estate Finance Trust to refinance 888 Broadway and 38 East 19th Street. The asset spans 221,312 SF, and is comprised of two interconnected office buildings. Tenants include Netflix (100,000 SF), software company Atlassian (34,000 SF), and ABC Carpet & Home.
- Financing details: The new five-year, floating-rate mortgage appears to replace $170 million in acquisition and redevelopment debt provided by SL Green Realty, according to CO.
- Flashback: Normandy and Invesco paid $93 million for the upper floors of the former ABC Carpet & Home headquarters, and $40 million for the long-term leasehold of 38 East 19th Street in 2017.