Newmark Grubb Knight Frank announced that NGKF Capital Markets, serving as the exclusive advisor to Quality Capital, has secured a $59 million loan on 827-831 Broadway in Greenwich Village from LoanCore Capital.
The loan will be used to recapitalize the property by retiring existing debt. Jordan Roeschlaub and Daniel Fromm from NGKF Capital Markets brokered the loan for Quality Capital.
827-831 Broadway consists of three interconnected buildings, located at 827 Broadway, 831 Broadway, and 47 East 12th Street. The property contains 75 ft. of retail frontage on Broadway, with an additional 28 ft. on East 12th Street. Future plans entail going vertical with a 14-story office tower.
The owner purchased the property for $60 million dollars in 2016. The residential units in the property have since been vacated by the owner, who is now completing renovations to lease up those apartments. The owner plans to hold on to the asset for the foreseeable future.
The property was previously on the market for sale with another commercial real estate services firm; however, Quality Capital later changed direction by pulling the sale and engaging NGKF Capital Markets on a refinance/recap.
Quality Capital, a Midtown-based real estate investment firm led by Samson Klugman, owns notable properties in New York City, Washington DC and San Francisco.