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Deals & Dealmakers

Savanna closes $66.2M loan for 434 Broadway in SoHo

Savanna, the New York City-based, vertically-integrated real estate investment manager, owner/operator and developer, announced the closing of a $66.2 million refinancing for 434 Broadway, a nine-story, 65,700 s/f mixed-use property in SoHo.

The new loan with Deutsche Bank’s Special Situations Group (SSG) replaces a prior acquisition loan from Mesa West Real Estate.

“We are pleased to work with Deutsche Bank on this transaction and to have this institutional acknowledgement of the investment we have made to enhance this historic building through capital improvements and formidable leasing success,” said Tom Farrell, Managing Director, Savanna.

Savanna purchased 434 Broadway (at Howard Street), which dates back to 1910, in 2013 for $62 million.  Since then, the company has executed approximately $7 million in base building and cosmetic capital work at the property.

In addition, Savanna has leased 21,690 s/f of office space since acquiring the property.

Major transactions include an expansion for media company Technicolor, and new tenants such as venture capital firm General Catalyst and digital agency UENO.

Currently, Savanna is constructing pre-builts on its two remaining floors, and marketing its 5,650 s/f ground-floor retail space.

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