A year after acquiring 1375 Broadway, affiliates of the American Exchange Group have refinanced the Midtown Manhattan office property. Bain Capital has provided 60 Guilders and Sentry Realty, both affiliated with American Exchange, with a $213 million loan backed by the building, according to the Commercial Observer.
This refinancing comes about a year after American Exchange acquired the property from Savanna by purchasing $200 million in debt behind the building from Aareal Capital in August 2024. Sail Harbor Capital financed that note acquisition, which was later converted into a first mortgage. Property records indicate that mortgage amounted to $165 million.
The latest debt package for the 27-story, 520,000-square-foot office tower was arranged by Newmark. The team included Nick Scribani, Ricky Braha and Tim Polglase. Sentry, 60 Guilders and Newmark did not respond to requests for comment.
Savanna previously sold 1375 Broadway to Westbrook in 2015 for $310 million before attempting to reacquire it in 2020 for $435 million.
American Exchange is primarily known as a fashion manufacturing company but has been increasing its real estate activity. Shortly after buying 1375 Broadway, Sentry and 60 Guilders also purchased another nearby property at 1370 Broadway from Invesco Real Estate for $75.5 million. Fortress Investment Group supplied an acquisition loan at roughly 65 percent loan-to-cost.
Bain Capital was founded in 1984 and manages about $205 billion in assets. Ryan Cotton heads its real estate division. Last month, Bain Capital Real Estate and 11North Partners jointly announced closing a $1.6 billion fundraising round, bringing their collective equity for open-air retail operations above $2 billion.
In other recent Manhattan real estate activity, Sovereign Partners secured a $150 million refinancing loan from Rialto Capital for their office building at 100 Fifth Avenue in Midtown South.
