Avison Young arranges office loan refinancing of 120 Fifth Avenue for The Bromley Companies with Apple Bank
January 26, 2024
New York, NY - Avison Young has arranged a $15.5 million first mortgage refinancing of 120 Fifth Avenue for an affiliate of longtime owner The Bromley Companies. The property is a fully-leased 70,000-square-foot (sf) multi-tenant office building with ground floor retail.
The Bromley Companies was represented by Avison Young’s Tri-State Debt & Equity Finance Team, led by Principal & Co-Lead, Scott Singer, Senior Director, Jeffrey Moroch, and Associate Director, Dina Wetchler. The team arranged the 10-year loan with Apple Bank and the proceeds will be used to repay the existing loan and fund future capital needs.
“In a challenging environment for office loan refinancings, Avison Young’s team provided valuable guidance on what could be accomplished, and then delivered exactly what they promised via Apple Bank,” said Neal McGraw, COO/CFO, The Bromley Companies. “This was our first time working with both Avison Young’s Tri-State Debt & Equity Finance team as well as Apple Bank. They both added value at every step of the process and got the job done together.”
Located in the Flatiron/Union Square neighborhood at the corner of Fifth Avenue and 17th Street, the 11-story office building has maintained 100% occupancy for nearly 20 years. Since its founding in 1972, The Bromley Companies has built a diversified portfolio of real estate assets across the United States including the 1.5 million square-foot Midtown Tampa project. The focus of the firm is to identify value-add and development-oriented opportunities within connected neighborhoods and turn them into well-established, profitable assets, while simultaneously enriching the surrounding communities.
“We are proud to have added The Bromley Companies to our portfolio of highly regarded NYC-based family office clients. Bromley’s experienced team made the process extremely efficient and gave Apple Bank well-founded confidence in adding this loan to their portfolio,” said Singer. “I closed the first loan of my career with Apple Bank in 1994, and for that entire 30-year period they have always been in the market, and always been a reliable go-to lender for us.”
“Scott and team hit the nail on the head when they pitched this loan to us. The Bromley Companies’ profile of consistent long-term ownership and proactive and entrepreneurial management made this loan an ideal fit for Apple Bank,” said Cynthia Wang, EVP, Apple Bank.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
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Nathan Reyna, Regional Media Relations & Content Specialist, Northeast: +1.917.877.1697