Cannon Hill Capital secures $130 million refi for Netflix’s Union Square offices

Cannon Hill Capital and its partners refinanced their Netflix-leased Union Square office building for $130 million.

DekaBank and Crédit Agricole provided the financing for 888 Broadway, the owner told The Real Deal.

Next to Netflix, the 20,000-square-foot building – including an annex next door at 38 East 19th Street — is home to the software company Atlassian. The store is rented to ABC Home & Carpet and three restaurants run by Jean-Georges.

Michael Cohen of Williams Equities, who partnered with Cannon Hill and Eyal Ofer’s Global Holdings on the property’s recapitalization earlier this year, said 888 Broadway is “a striking example of how well-positioned, pre-war Midtown South buildings continue to be attractive investments.”

Cannon Hill Capital, led by CEO Jeff Gronning, acquired 888 Broadway through its 2022 acquisition of Normandy Real Estate Partners, which paid $133 million to buy the property in 2017.

Earlier this year in February, Cannon Hill brought Global Holdings into the deal, along with William Equities, which contributed its fee position in the land beneath 38 East 19th Street to the partnership.

Elsewhere, Cannon Hill last year sold the distressed office building at 799 Broadway in Greenwich Village, which it co-owned with Pimco, to Savanna for $255 million.

Global Holdings announced in July that it will develop a 158-unit apartment building under the Anagram brand in Gowanus at 450 Union Street.

And Williams Equities bought a 300,000-square-foot office building at 470 Park Avenue in January for $147.5 million — a 40 percent discount from the last time the property traded in 2018.

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Cannon Hill summarizes $200 million at 888 Broadway, Netflix’s New York office

Normandy receives SL Green loan for the redevelopment of ABC Carpet & Home

Savanna is purchasing the distressed 799 Broadway from Columbia Property Trust