CIM Group gets $393M refi from JPMorgan Chase for office property in Times Square

CIM Group through the entity 1440 Broadway (NY) Owner, LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank valued at $392.9 million for 1 parcel, including the tax class office building tower type with 20 or more stories (O4) at 1440 Broadway in Times Square. The deal closed on March 5, 2021 and was recorded on March 25, 2021.
The property contains a total of 747,576 square feet of built space.
The average loan per buildable square foot is $526.
This financing replaced a Deutsche Bank loan and adds a gap loan. Commercial Observer reported on the transaction earlier this month. The last time the property sold was December 19, 2017 for $520,000,000.
Over the past five years, there have been 46 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $665,000. There were 44 renovation/alteration projects (A2) applied for with a total estimated value of $18,403,991.

Direct link to Acris document. link