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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.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing