HFF arranges $25.5 million refinancing for office building in Manhattan’s Garment District
NEW YORK, NY – September 13, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a $25.5 million refinancing for 35 West 36th Street, a 79,750-square-foot office building in the Garment District of Manhattan.
HFF worked on behalf of the borrower, a joint venture between Hidrock Properties and an institutional investment partner, to secure the five-year, floating-rate loan through M&T Bank.
Originally built in 1911, 35 West 36th Street is a 12-story building with 72,600 square feet of office space and 7,150 square feet of ground floor retail. The fully-leased property has a diverse tenant roster with no one tenant occupying more than 8.3 percent of the building. Situated mid-block between 5th and 6th Avenues in the Garment District, 35 West 36th Street is just blocks from Herald Square and the Times Square, Grand Central and Midtown South submarkets. Public transport is available via 18 subway lines, NJ Transit and LIRR, PATH, commuter bus lines and Metro North lines, all within walking distance.
The HFF debt placement team was led by managing director Steven Klein and director Geoff Goldstein.
About Hidrock Properties
Hidrock Properties is a fully integrated, commercial real estate development company with experience across asset classes in the New York metro area. Formed in 1982, Hidrock currently has over $1 billion of residential, hospitality and retail development projects underway throughout Manhattan and Brooklyn.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.