Press Release
Press Release
Press Contacts: Erik Cummins, Matt Hyams, Olivia Thomas
03.31.23
Pillsbury’s New York Real Estate Group advised real estate company Corem Property Group AB and GDS Development Management LLC (GDSNY) on the closing of a $90 million “green loan” on their office tower at 1245 Broadway, in Manhattan’s NoMad neighborhood.
German bank Deutsche Pfandbriefbank AG (pbb) is serving as administrative agent and lender on the transaction. According to a press release for the transaction, the financing marks pbb’s first green loan in the United States. The loan will support, among other things, current and future tenant fit-outs for the 182,000-square-foot tower.
Click here to read the full press release issued by Newmark Group, Inc.
Pillsbury’s New York-based deal team was led by Real Estate partner Andrew Weiner, who since 2017 has represented Corem and its affiliates in the acquisition, development and leasing of four development sites in Manhattan: 1245 Broadway, 407-417 Park Avenue, 205 West 28th Street and 116-118 Tenth Avenue. The Pillsbury team included Real Estate partner Paul Shapses, senior associate Samantha Sharma, and associate Stephanie Mason and senior legal analyst Jasmine Gurreri; Finance senior counsel Russell DaSilva and Tax counsel Joshua Becker also worked on the deal.