Ivanhoé, Callahan Capital, Swig borrow $450M from Bank of China for 1411 Broadway in Garment District

The pension fund Ivanhoé Cambridge, Callahan Capital Properties and Swig Company through the entity 1411 IC-SIC Property LLC as borrower signed a loan agreement with lender Bank of China valued at $450 million for 1 parcel, including the tax class office building tower type with 20 or more stories (O4) at 1411 Broadway in Garment District. The deal closed on February 28, 2020 and was recorded on March 5, 2020.
The property contains a total of 1,088,074 square feet of built space.
The average loan per buildable square foot is $414.
This is the third largest loan Bank of China has provided over the past year. The others were $500 million for Vornado Realty Trust’s 640 Fifth Avenue, and $479 million for Brookfield Property Partner’s The Eugene at 3 Manhattan West at 435 West 31st Street. The loan package for 1411 Broadway includes a $35 million gap loan and $415 million of existing debt that HSBC assigned to Bank of China. Ivanhoe and Callahan Capital acquired their stake from Blackstone in 2012.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on December 15, 2016.
Over the past five years, there have been 139 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $10,000. There were 138 renovation/alteration projects (A2) applied for with a total estimated value of $56,622,544.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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