Chetrit Group signs $290M refi with Starwood, Bank of Montreal for FiDi office building

The Chetrit Group through the entity Broadway 26 Waterview LLC as borrower signed a refi loan with lender Starwood Mortgage Capital and Bank of Montreal valued at $290 million for the office building at 26 Broadway in Financial District, Manhattan.
The deal closed on February 4, 2022 and was recorded on February 16, 2022. The prior lender was Wells Fargo which held debt that had an original loan amount of $220 million.
The property has 860,889 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $336 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 December 30, 2009, for $34.9 million.
The signatory for Chetrit Group was Jacob Chetrit. The signatories for Starwood Mortgage Capital and Bank of Montreal were Grace Chiang and Michael Brajiclian.
The 860,889-square-foot property generated revenue of $29.1 million or $34 per square foot, according to the most recent income and expense figures.

(110150247)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on July 12, 2012.
Iron Hound Management’s Robert Verrone and Anthony D’Amelio arranged the transaction, according to the Commercial Observer. HPS Partners was also a lender in the refi.
In the Financial District, the majority, or 71 percent of the 85.8 million square feet of built space are office buildings, with residential elevator buildings next occupying 18 percent of the space. In sales, Financial District has the 5th highest sale turnover among other neighborhoods in the city with $1.7 billion in sales volume in the last two years. For development, Financial District has 1.5 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Manhattan. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
On the tax block, all properties are office.
Within a 400-foot radius of 26 Broadway, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $992,000 and one initial temporary certificate of occupancy issuance for a project that initially costed $450,000. The most recent of these two items was the permit on January 12, 2021 for a 974,958-square-foot B building with no residential units at 60 Broad.
Of those five items, three were loans above $5 million totaling $162.7 million. The most recent of the three was Zev Marmurstein which borrowed $14.1 million from Signature Bank secured by three condo units in the 6,379-square-foot, 165-unit mixed-use building (RM) on 40 Broad Street on January 22, 2021.

Direct link to Acris document. link