Broad Street, Invesco sign $112.6M refi with PCCP in FiDi, lender’s second big NYC loan
Broad Street Development and Invesco through the entity Bsd 80 Broad LLC as borrower signed a refi loan with lender PCCP, formerly known as Pacific Coast Capital Partners, through the entity Pccp Credit X Reit-Sub Holdco, LLC valued at $112.6 million for the office building (O4) at 80 Broad Street in Financial District, Manhattan.
The deal closed on October 20, 2021 and was recorded on November 4, 2021.
The property has 361,710 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $311 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on September 12, 2014, for $173.0 million.
The signatory for Broad Street Development and Invesco was Jason W. Geer. The signatory for PCCP and Pacific Coast Capital Partners was Steve Towle.
(122271022)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on May 26, 2016.
Invesco owns a 95% stake in the property. PCCP, a Los Angeles-based real estate finance and investment management firm, refinanced $102 million given by AIG in 2017, and added a $10.56 million gap loan. Steve Towle is chief financial officer at PCCP. PCCP was formerly known as Pacific Coast Capital Partners. This is PCCP’s second loan in NYC in the past two years. The first was for $111.1 million given to L.H. Charney Associates at 1411 Broadway.
Within a 400-foot radius of 80 Broad Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was for major renovation including a certificate of occupancy change. It was a permit issued on January 12, 2021 for the $992,000 renovation of 974,958-square-foot B building with no residential units at 60 Broad.
Of those five items, two were sales above $5 million totaling $84.4 million. The most recent of the two was Davean Holdings which bought the 6,008-square-foot, six-unit mixed-use building (S9) on 17 South William Street and one other property for $10.1 million from Goldman Properties on October 4, 2021.
Of those five items, two were loans above $5 million totaling $22.6 million. The most recent of the two was Davean Holdings which borrowed $7.1 million from Meadow Partners secured by the 6,008-square-foot, six-unit mixed-use building (S9) on 17 South William Street and one other property on October 4, 2021.
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