Broadway Partners seeks capital infusion at 280 Park Ave
The Real Deal reports that Scott Lawlor's Broadway Partners is seeking a capital infusion at 280 Park Avenue. The building's interest reserves have been dwindling, and the partners have hired Edgerock Realty Advisors to help find investors, as was reported to Crain's Business News.
In 2007, Broadway acquired the 1.2 million-square-foot trophy property with Investcorp for around $1.2 billion. The building has around $440 million in outstanding securitized debt, and while the loan payments are current, reserves are only at around $36 million. To see the full article, please go here.