Broad Street Development recapitalizes FiDi conversion

Broad Street Development has fresh financing and newly added partners for its Financial District conversion project.  The firm recapitalized the development at 80 Broad Street for a grand total of approximately $300 million, the Commercial Observer reported. Derby Lane Partners provided $175 million in construction debt, while private equity firm PCCP and One Investment Management filled in the gaps of the broader recapitalization. “This recapitalization marks a major milestone and the formal launch of a residential redevelopment that will transform a historic downtown office tower into a modern residential community,” BSD chief executive officer Raymond Chalmé said in a statement. […] This article originally appeared on The Real Deal. Click here to read the full story.