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,
“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.