Property Types Office
1250 Broadway Closes with $215M Financing via Carlton
May 16, 2008

The deal for 1250 Broadway in New York City, as previously reported by CPN, has found funding through Carlton Advisory Services, which closed $215 million of acquisition and mezzanine financing for its acquisition, Carlton has announced. The trophy is a 39-story, 770,000 square foot office tower prominently located on Broadway between West 31st and 32nd Streets in Manhattan. After nine years of ownership, SL Green Realty Corp. sold the Class A office tower to Murray Hill Properties for $310 million, or approximately $463 per square foot. Carlton secured a $175 million first mortgage with a major German lender, a REIT provided $40 million of mezzanine financing to complete this financing. The transaction was closed on behalf of Norman Sturner of Murray Hill Properties and a large German opportunistic equity fund.

 
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