Shorenstein lands Refi at 1407 Broadway

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.