Dealmaker: Natixis Lends $365M on Two Office Properties

Natixis, New York, provided a $250 million fixed-rate commercial mortgage-backed securities loan on 75 Broad Street, a 34-story downtown Manhattan office property.

JEMB Realty, New York, refinanced the property, which dates to 1928 and once served as ITT’s corporate headquarters.

Cushman & Wakefield Equity, Debt & Structured Finance President Steve Kohn and Executive Director Alex Hernandez advised JEMB Realty in the transaction.

The 650,000 square-foot building has a half telecom and half traditional office occupancy. The upper level houses Millennium High School. JEMB Realty purchased the property empty in 1999 and invested more than $50 million in improvements including chilled-water systems, electrical switchgear replacements, roof replacements, elevator upgrades and heating and security system improvements. New tenants have leased more than 100,000 square feet over the past 12 months.

Natixis also provided $115 million of 10-year fixed-rate CMBS financing to Lincoln Equities Group for the new Allergan U.S. headquarters building in Madison, N.J. Natixis said it anticipates securitizing a senior mortgage loan and syndicating the remaining subordinated debt.

Loan proceeds refinanced existing debt and funded reserves for tenant improvements, leasing commissions and capital improvements. David Rosenberg, Mark Silbersher and Rafi Frankel with Deerwood Capital, Englewood Cliffs, N.J., arranged the financing.

The former Pfizer Pharmaceuticals property includes three buildings on a 310-acre gated campus: a 431,500-square-foot Class A office building, a 13,000-square-foot daycare center and a 9,200-square-foot carriage used as event space. Allergan won $58 million in tax incentives from New Jersey for the project by pledging to keep 1,000 jobs in the state and to add 300 more. Allergan plans to take occupancy in August.