**Arrow Real Estate Advisors Secures $61M Financing for 5 Hanover Square Acquisition in FiDi**
Arrow Real Estate Advisors has secured $61 million in financing for the acquisition of 5 Hanover Square, a 300,000-square-foot office building located in Manhattan’s Financial District. The deal supports a joint venture between Samual Fisch and David Werner and was structured to leverage the property’s existing condominium framework through separate financing executions.
The financing was arranged by Arrow’s founder and managing partner Morris Betesh, Senior Vice President Morris Dabbah, and associate Louis Halperin.
The 24-story property is currently 41% occupied, with approximately 144,366 square feet of vacant office space. The financing package was structured to reflect a dual strategy for the asset and included two distinct loan components.
Arrow arranged a $40 million acquisition and pre-development loan from 99c for the upper portion of the building, totaling 266,639 square feet, which is planned for conversion from office to residential use. For the lower five floors, which are leased long-term to a school, Arrow secured a $21 million acquisition loan from Deutsche Bank. This portion of the financing was structured as a fixed-rate loan aligned with the stabilized nature of the lower-level condominium unit.
The successful structuring of this acquisition signifies a strategic move in repositioning underutilized office space in the Financial District amid changing market demands.
