Arch Companies, a vertically integrated real estate owner, operator and developer, has closed on the refinancing of 88 University Place, an office property in Manhattan, with a $70.5MM bridge loan from a CIM Group-managed fund. The bridge loan was sourced by a partnership between Arch Advisors and Jonathan Aghravi and Eli Terry of JBA Equities.
The successful closing of this bridge loan is a positive step in the rebranding and repositioning of the asset as 88U for the ownership partnership which includes Arch Companies, Tahari Capital, and other
existing partners, after a significant period of having the office space off the leasing market.
The 11-story boutique building includes 10 floors of office space across 85,000 square feet and 9,314
square feet of ground floor retail. Arch is in the process of repositioning the asset through a significant
capital improvement program. The renovations include brand new lobbies, amenities, and turnkey office
spaces. Tenants will enjoy lofty 11-foot ceilings, two renovated entrances, a lounge, a tenants-only fitness center complete with showers, as well as a tenants-only rooftop terrace. Sam Seiler, Joseph Sipala, and Kristen Morgan of JLL have been exclusively retained to market the vacant office space.
The property is located in the heart of Greenwich Village providing nearby access to green and outdoor
spaces including Union Square Park, Washington Square Park, and Jefferson Market Garden. Additionally, an abundance of restaurants, cafes, and hotels are located within blocks from the building. The area is a major transportation hub, providing access to a variety of public transportation options including numerous Citi Bike locations, subway lines, and bus stops. The building, which is two blocks from Union Square, has entrances on both University Place and 12 th Street allowing ample flow when entering and exiting the property.
“New York continues to represent an exciting investment opportunity to drive value with our deep market
knowledge,” said Jeffery Simpson, Managing Partner, Arch Companies. “We’re excited to have completed this refinancing for an office property in the competitive Greenwich Village submarket and are looking forward to the future of the building,” added Jeremey Tahari, Managing Partner, Tahari Capital.
