Iconic Times Square Asset Lands $200M Refi
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8 Times Square
New York—The Swig Co. and Himmel + Merringoff Properties, the joint owners of Manhattan’s 8 Times Square building, recently secured a $200 million refinancing loan for the mixed-use property. The partnership worked with Eastdil Secured of New York to arrange the 10-year, fixed-rate loan, which was placed with Citigroup.
The loan was used to pay off a $132.4 million refinancing that was provided in 2014 by Aareal Capital Corp. and was used to recapitalize the asset as part of Swig’s move to acquire the 49 percent stake it had not owned in the building from Blackstone Group.
Sitting at the corner of 41st Street and Broadway in the Times Square area, the 16-story property was formerly known as 1460 Broadway. The building was completed in 1952 under plans designed by Emery Roth & Sons and offers 220,000 square feet of commercial space, consisting of 185,000 square feet of Class A office space and 35,000 square feet of flagship retail space on the first three floors…
