Newmark Arranges $90M Green Loan on NoMad Tower

Corem AB and GDS Development LLC closed a $90-million loan on their trophy office tower at 1245 Broadway with German bank Deutsche Pfandbriefbank AG (pbb), one of Europe’s leading real estate financing institutions.  The transaction is pbb’s first green loan in the U.S.

Newmark’s Debt & Structured Finance team secured the loan for ownership. The low-leverage take-out facility will include financing current and future tenant fit-outs for the 200,000-square-foot tower in NoMad, which has become known as a film, media, technology and creative arts headquarters. 

The financing for the asset was secured by Newmark’s co-heads of Debt & Structured Finance Jordan Roeschlaub and Dustin Stolly, along with Nick Scribani. 

“Class A+ institutionally-owned office product, irrespective of the current capital markets environment, continues to attract backing from world-class capital like pbb,” said Stolly. “We’re looking forward to seeing this new partnership succeed by bringing ownership’s vision of the newly constructed property into fruition.” 

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