NEW YORK—Mesa West Capital has refinanced $145 million in first mortgage debt for Savanna’s 1375 Broadway property. Theincluded capital for future leasing costs.
The loan is secured by 1375 Broadway, a 513,401-sq.-ft. multi-tenant office building located at Broadway and West 37th Street in Midtown South. Jon Estreich, president of Estreich & Co., arranged the debt on behalf of the borrower.
“The refinancing of 1375 Broadway illustrates the substantial progress that Savanna has made in repositioning the building as an institutional quality asset,” said Cooper Kramer, vice president, Savanna. “We initiated a major capital improvement program, including a new lobby and new retail storefronts. These improvements have transformed the building into a core asset and have led to successful leasing of both office and retail space.”
Savanna purchased the property in 2010 and recently completed a capitaland repositioning campaign, which included lobby renovations, renovations to the building entrance, retail space and façade and roof improvements.