Connect with us

Financing

Argent Ventures buys debt on 1605 Broadway

Andrew Penson’s Argent Ventures is purchasing the senior mortgage on Vornado’s Crowne Plaza Times Square at 1605 Broadway for about $90 million, The Real Deal reported. That represents a 54% decrease from the face value of the loan – $195 million – when Vornado landed a Refi for the 795-room hotel in 2018. 

  • Previous financing breakdownDeutsche Bank provided $75 million, Morgan Stanley lent $70 million, and ICBC supplied $50 million. The loan is secured by the partial fee and partial leasehold interest in the property.
  • Worth Noting: Vornado’s 46-story hotel includes nearly 200,000 SF of office space and almost 18,000 SF of ground-floor retail, where tenants include Krispy Kreme’s flagship store.
  • Vornado recently reduced overhead: In the beginning of the month, the REIT laid off 70 staff members as part of a strategy to save approximately $35 million annually. The cost-reduction strategy is a response to ongoing operational challenges in the company’s portfolio. In the fourth quarter, Vornado expects to see a $23 million reduction in net income due to an estimated severance and other reduction in force related expenses. [TRD+PRNewsWire]

Continue Reading
To Top