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Taconic Closes on Refi for Boutique Union Square Office Property
Taconic Partners closed on a $125-million refinancing loan for its boutique, fully redeveloped Union Square office building, 817 Broadway. The financing provides capital for tenant-fit out and leasing costs at the building.
The three-year loan from Criterion Real Estate Capital is an indication of the recovery of the leasing market, particularly in boutique, pre-built spaces catering to financial services firms, says Taconic. Leasing activity at 817 Broadway has seen a significant uptick since the end of the first quarter of this year.
“We’re pleased to partner with Criterion Real Estate Capital on this venture,” said Christopher Balestra, president and CIO of Taconic. “817 Broadway is an important asset in our office portfolio. This shows there is ample debt capital for this segment of the office market where we have seen the quickest recovery in leasing activity, post-pandemic.”
- ◦Financing