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Columbia JV lands $187M loan for $300M Manhattan, NY, office project

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Columbia JV lands $187M loan for $300M Manhattan, NY, office project

Office real estate investment trust Columbia Property Trust Inc. and Normandy Real Estate Partners LLC formed a joint venture to pursue a $300 million office development that will rise at 799 Broadway in Manhattan, N.Y., and secured a $187 million construction loan from Apollo Commercial Real Estate Finance Inc. to back the project, The Real Deal reported, citing unnamed sources.

Citing unnamed sources, the news outlet noted that the joint venture partners have not secured an anchor tenant for the 12-story project that is planned to span 182,000 square feet.

Normandy's previous partner, Ares Management LP, recently sold its approximately 50% ownership interest in the project to Columbia Property, with the equity stake valued at $142.5 million.

A Newmark Knight Frank team arranged the financing on behalf of the partners, the news outlet added.