Invesco and Normandy Real Estate receive $200m refinancing for 888 Broadway

Newmark Knight Frank has arranged a $200 million floating-rate loan on behalf of affiliates of Normandy Real Estate Partners and Invesco Real Estate, for the refinancing of 888 Broadway in New York. The loan was provided by TPG.

The newly renovated, 10-story property totals 221,312 square feet and consists of two connected office buildings: 888 Broadway and 38 East 19th Street. Sponsorship recently signed leases with Netflix, Atlassian and ABC Carpet & Home at the property. The property includes the fee-simple interest in the office condominium of 888 Broadway and the leasehold interest of the adjoining 38 East 19th Street. After acquisition, the owners began a comprehensive redevelopment program to reposition the property as a class A, trophy office including a new penthouse and roof deck, completely redesigned office lobby entrance, and entirely new building infrastructure. The property also features high ceilings and over-sized windows providing ample natural light.