Cassidy Turley Secures $54.5 Million in Debt Financing for the United Federation of Teachers

NEW YORK, July 27, 2011 /PRNewswire/ -- Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that it arranged $54.5 million of financing for the United Federation of Teachers (UFT). The UFT, which represents more than 200,000 teachers, nurses and other professionals working in New York City, had a dynamic set of financing needs.  Cassidy Turley was tasked to seek first mortgage financing for the union-owned, 350,000 square foot building at 50 Broadway.  Today, 80% of the building is leased to third party tenants, with the UFT occupying the balance of the building.

"As the financing assignment progressed for the UFT, Cassidy Turley was able to provide a strong list of interested financing sources," explained Christian Miles, a Managing Director within Cassidy Turley's Capital Markets Group, who led the financing effort.  "However, the UFT broadened our assignment to include sourcing a line of credit and a letter of credit for the union.  We were particularly impressed with the responsiveness and flexibility of M&T Bank, which was able to wrap many of the financing needs into one execution."   

Cassidy Turley's Mark P. Boisi, Chairman NY TriState, and Neil A. Lipinski, Senior Managing Director, were the lead relationship managers of the UFT deal.  "We have a 10 plus year relationship with the UFT," commented Boisi.  "It is exciting to draw on the many disciplines of Cassidy Turley to provide value-add service to a major client such as the UFT."

"Cassidy Turley's extensive experience in managing and leasing the UFT's investment in 50 Broadway enabled our Capital Markets team to tell a compelling story about the financial strength of the UFT," said Neil A. Lipinski.  "It was a great team effort."    

About Cassidy Turley

Cassidy Turley is a leading commercial real estate services provider with 3,200 professionals in 60 offices nationwide. The company represents a wide range of clients -- from small businesses to Fortune 500 companies, from local non-profits to major institutions.  The firm completed transactions valued at $17 billion in 2010, manages 430 million square feet on behalf of private, institutional and corporate clients and supports over 25,000 domestic corporate services locations. Cassidy Turley serves owners, investors and occupiers with a full spectrum of integrated commercial real estate services -- including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. In 2010, the firm enhanced its global service delivery outside of North America through its partnership with GVA. Please visit www.cassidyturley.com for more information about Cassidy Turley.

SOURCE Cassidy Turley

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