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Broad Street obtains $101M loan to fund purchase of NYC building

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Broad Street obtains $101M loan to fund purchase of NYC building

Broad Street Development LLC secured a $101 million loan from Invesco Real Estate Ltd. that it will use for the acquisition of the property at 370 Lexington Ave. in New York City, The Real Deal reported, citing filed mortgage documents.

Broad Street agreed to buy the building from UNIZO Holdings Co. Ltd. in September under a $190 million deal brokered by Cushman & Wakefield, according to the Dec. 18 report.

The Japanese investment company sold the building at a loss, as it acquired the 27-story, 311,000-square-foot property in 2015 from Sherwood Equities and JPMorgan Chase for $247 million, the report added.

The publication said representatives from Broad Street and Invesco could not be reached immediately.