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Debt & Equity

Caspi Development lands $12.5M Bowery loan

Holliday Fenoglio Fowler announced the $12.5 million refinancing of 135 Bowery, a newly built, 21,308 s/f boutique creative office building in the Midtown South technology corridor.

The HFF team worked on behalf of the borrower, a joint venture between Caspi Development and RWN Real Estate Partners, to secure the five-year, fixed-rate loan through BBVA Compass Bank.

Loan proceeds were used refinance a construction loan on the property. Earlier in 2017, HFF arranged a $15 million financing for the adjacent 161 Bowery on behalf of Caspi Development through BBVA.

Originally built in 1900 and redeveloped in 2016, 135 Bowery is an eight-story elevator building with ground floor retail occupied by a high-end restaurant, and full-floor loft office units above.

The office space features collaborative open floor plates, 10 ft. ceilings, reclaimed wood details, custom kitchenettes, conference rooms and two suites that offer private terraces with sweeping city views.

The stabilized property is fully leased to tenants, including lola/VFX, Bullish, Tradewind, breather, Martin Lui & Associates, Minds+Assembly and RTS Ventures.

The property has access to nine subway lines within a quarter mile radius and is just five blocks from Essex Crossing, featuring Target, Trader Joes, Regal Cinemas, NYU Langone Medical Center and more.

The HFF debt placement team representing the borrower included managing director Steven Klein and associate Alex Staikos.

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