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Debt & Equity

Thor, Wharton refinance trio of Soho buildings with $300M loan

Wharton Properties and Thor Equities have refinanced a trio of Soho buildings with a $305 million loan from Morgan Stanley.

JLL’s Capital Markets arranged the three-year, non-recourse floating-rate loan to refinance 530-536 Broadway, three adjoining mixed-use buildings.

Vice Chairman Aaron Appel, Executive Vice President Michael Diaz, and Vice Presidents David Sitt and Eliott Zeitoune led the financing team representing the borrowers,

AARON APPEL

“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,” said Appel.

The financing covers 530 and 536 Broadway, two 10-story buildings, and 532 Broadway, an 11-story building.

The buildings have a combined total of 201,224 s/f of rentable space. The ground floor retail space, totaling 24,132 s/f, is fully leased to tenants including Skechers and Club Monaco.

The office space, totaling 177,092 s/f, is occupied by tenants that include flexible office start-up, Knotel.

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