Ivanhoé Cambridge Gets CMBS Loan To Fund Purchase Of 85 Broad St.
Ivanhoé Cambridge has reached a deal with Natixis for a 10-year CMBS loan to finance its purchase of 85 Broad St.
After agreeing in principle to purchase the office building from Beacon Capital Partners and MetLife Real Estate Investors for over $650M, Ivanhoé Cambridge — a subsidiary of Quebec's public pension fund manager — has now secured the necessary finances. The CMBS loan is worth $360M, with a loan-to-value ratio of 55%, Commercial Mortgage Alert reports.
French investment bank Natixis has given out loans in the New York market before, most notably at nearby 75 Broad St. earlier this year. The office building at 85 Broad currently houses a WeWork space with a dedicated fitness center, as well as offices for Vox Media and Oppenheimer & Co.