140 West 34th Street, New York
Located in the heart of the 34th Street shopping corridor between 6th and 7th Avenues, the 25 x 99 parcel sits directly across from Macy’s Herald Square, and has tremendous visibility and presence for Skechers, the sole occupant of the entire four story building. National retailers in nearly every category continue to show strong demand for space in this market.
Despite a single tenant expiration two years from the point of refinance, Excel arranged for a $17,000,000 non-recourse life company refinancing fixed at 1.90% over the 10 year US treasury, with no reserves or guarantees required as additional collateral. Several New York banks and CMBC lenders also had strong interest.