October 19, 2018
Wharton Properties and Thor Equities secured a $305-million floating-rate loan to refinance 530-536 Broadway, three adjoining mixed-use buildings in Manhattan’s SoHo submarket. Morgan Stanley provided the three-year, non-recourse financing.
The loan covers 530 and 536 Broadway, two 10-story buildings, and 532 Broadway, an 11-story building, which have a combined total of 201,224 square feet of rentable space. The 177,092-square-foot office space is occupied by a range of tenants in creative industries and professional services, and includes the flexible office start-up, Knotel. The 24,132-square-foot ground floor retail space is fully leased, including tenants Skechers and Club Monaco.
JLL’s Aaron Appel, Michael Diaz, David Sitt and Eliott Zeitoune led the financing team representing the borrowers.
Appel says, “This asset has a very strong, experienced and well-capitalized sponsorship and also benefits from an unrivaled location in one of the city’s most dynamic live-work-play neighborhoods, all of which made it an appealing financing opportunity for a broad range of lenders.”
For comments, questions or concerns, please contact Dennis Kaiser