NEW YORK, Feb. 17, 2016 /PRNewswire/ -- The New York office for Hodges Ward Elliott ("HWE"), the world's leading independent hotel brokerage which expanded last year into commercial property sectors, announced they have arranged a $69,000,000 loan on behalf of an institutional real estate investment firm. The funding will be used to refinance 31 West 27th Street, a 144,000-square-foot, 12-story, loft-style office building in Manhattan's Midtown South neighborhood.
Having completed an extensive repositioning and significantly grown income since first purchasing the asset, the new funding that HWE helped secure will allow the owner to complete its strategic business plan for 31 West 27th Street and continue to capture the substantial demand for tenants in the area. The loan was provided by TD Bank, N.A.
"31 West 27th Street has been positioned to take advantage of the continued demand for well-located, improved office assets in Midtown South," said Will Silverman, Managing Director of HWE. "Our knowledge of the asset and the Midtown South market enabled us to help the owner maximize the value of its investment."
The HWE New York team is located at 1140 Avenue of the Americas and is the firm's dedicated practice to commercial investment sales and financing brokerage, including retail, office, multifamily and land.
About Hodges Ward Elliott:
Hodges Ward Elliott, founded in 1975, is the leading independent hotel brokerage and investment-banking firm in the world providing total capital solutions, including hotel sales, recapitalizations and debt placement for its clients. Over the past 5 years, HWE has sold or financed more than $17 billion of hotels and resorts across the U.S. and Europe including more than $2.4 billion since January 1, 2015. The opening of HWE's New York office and commercial investment sales practice expands the firm's service lines to include office, multifamily, retail and land transactions. www.hodgeswardelliott.com
SOURCE Hodges Ward Elliott