Silverstein Properties refis 120 Broadway with $410M loan from Wells Fargo

Silverstein Properties through the entity 120 Broadway Holdings, LLC as borrower signed a loan agreement with lender Wells Fargo Bank valued at $410 million for 2 parcels, including the tax class commercial condominium unit (R5) at 120 Broadway in Financial District. The deal closed on March 13, 2020 and was recorded on March 20, 2020.
The property contains a total of 1,597,965 square feet of built space.
The average loan per buildable square foot is $236.
Included in this loan package is a $100 million gap loan, a $10 million building rehab loan and a $15 million project loan. The last time the property sold was July 1, 2011, for $525,000,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on July 27, 2012.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link