Shorenstein Properties has secured a $350 million loan from Barclays to refinance its leasehold interest in 1407 Broadway. The Garment District office property spans 1.1 million SF, and features 33,000 SF of retail space.
Financing details: The five-year loan replaces $270 million in previous debt provided by Bank of America at the time of the purchase in 2015. Asking rents for the office space range from $58 to $70 per SF, according to CO who first reported the news.
Worth Noting: Solil Management owns the underlying land… There are 30 years remaining on the lease.