GDSNY closes $90 million green loan for 1245 Broadway

By Wendy Van Sickle

Columbus, Ohio, March 10 – Corem AB and GDS Development LLC (GDSNY) have closed a $90 million green loan on their New York City office tower at 1245 Broadway with Deutsche Pfandbriefbank AG, according to a news release from Newmark Group, Inc.

The building has received LEED-Gold certification and offers the latest touchless technology and air quality, according to the release. Newmark’s debt and structured finance team secured the loan on behalf of ownership.

The financing qualifies as the Deutsche Pfandbriefbank’s first green loan in the United States; the German bank launched the product in the region at the start of the year.

With green loans, the bank finances the purchase or recapitalization of commercial properties that meet strict environmental criteria and investments in the sustainability of existing properties.

The bank has developed a proprietary scoring model that considers 10 criteria in the three categories: energy efficiency, building certification and other sustainability factors. 1245 Broadway scored high in all categories.

GDS Development is a vertically integrated owner, operator, developer, lender and designer of multi-family and commercial real estate in the New York metropolitan area.

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