SoHo Building Receives $100M Refi Loan

A six-story office and retail building is set to be repositioned and upgraded with the help of a generous loan.
560 Broadway - Manhattan

560 Broadway – Manhattan

New York—Newmark Holdings, the parent company of the Gural family’s real estate investments—including prior ownership of Newmark Grubb Knight Frank (NGKF)—, closed on a refinancing loan worth $100 million for 560 Broadway, a six-story office building located on one of the busiest intersections in Manhattan.

“We were able to secure a fixed rate below 3.5% for 10 years in a volatile lending environment with credit spreads increasing,” said Paul Talbot, Senior Managing Director, who represented Newmark Holdings on the loan.

According to a news release, the company worked with TD Bank and BNY Mellon to secure the financing, which will be used to reposition and upgrade the 115-year-old building located in a heavily trafficked shopping corridor near Prince Street and Broadway.

The 122,454-square-foot property was purchased by Newmark Holdings in 1986. Real estate website PropertyShark indicates that the building contains 104,454 square feet of office space and 18,000 square feet of retail space, and is currently fully occupied by a list of tenants including Converse—who opened a 7,000-square-foot store in the building in November 2010—, Dean & Deluca and Lerer Hippeau Ventures, a seed stage venture capital fund.

Image via PropertyShark