Northwood Investors refinancing a few properties in Soho four years after acquiring.
Barings offered $ 230 million to Northwood to refinance the adjacent office buildings for mixed use and shopping buildings on 520 and 524 Broadway, the commercial observer reported. Northwood acquired the property in 2021 for $ 325 million, using a $ 227 million acquisition loan from Ares Commercial Real Estate.
Since 1987, the few buildings were owned by the Propp family before the takeover of Northwood, according to public registers.
A newmark team including Jordan Roechlaub and Nick Scribani arranged the deal.
The buildings on 520 and 524 Broadway have a combined 180,000 square foot office space and 60,000 square foot retail space. At the time of the acquisition, the buildings were rented 90 percent.
Cryptocurrency company Artemis recently signed a five-year underwroing on 520 Broadway and joined the building, MoonPay with another recent crypto addition. Other office tenants in the 11 -storey building are Noho Hospitality Group and Laplaca Cohen; Lululemon and Balthazar are tenants of the retail trade.
The most prominent tenant on 524 Broadway is Wework, which occupies almost half of the floors in the 11 -storey building. Aritizia was a tenant in one go, but has since left the room.
Elsewhere in Soho, a risk capital company started by co-founder of Reddit and the spouse of Serena Williams, Alexis Ohanian, recently has a long-term lease for an entire building in 216 Lafayette Street.
In February, companies in Northwood and Bohannon submitted provisional plans to redevelop a 71-year shopping center to San Mateo, California, with the aim of transforming the site into a retail village, complete with nearly 1,400 houses.
– Holden Walter-Warner
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