ZG Capital signs $215M refi loan with Bank of Montreal for office building in Times Square

ZG Capital Partners through the entity 1450 Broadway LLC as borrower signed a refi loan with lender Bank of Montreal valued at $215 million for the office building (O4) at 1450 Broadway in Times Square, Manhattan.
The deal closed on August 25, 2021 and was recorded on August 31, 2021.
The property has 362,850 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $592 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 signatory for ZG Capital Partners was Babak Zar.

Within a 400-foot radius of 1450 Broadway, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.

Of those four items, three were loans above $5 million totaling $957.9 million. The most recent of the three was CIM Group which borrowed $392.9 million from JPMorgan Chase Bank secured by the 747,576-square-foot, 44-unit office building (O4) on 1440 Broadway on March 25, 2021.

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