4% Interest-Only CMBS Loan for NoHo Landmark

The owners of a landmark office building in Manhattan’s NoHo neighborhood have refinanced with a low-interest, interest-only loan for $32.5 million from CCRE.

“The loan was extremely well-received by the market, which competed hard for the opportunity,” said Jason Gaccione, senior vice president, CBRE Capital Markets, which arranged the 10-year loan with a fixed interest rate close to 4%.

The full-term, interest-only, CMBS loan covers less than 60% of the value of the ornate, masonry building at 380 Lafayette, also know as the Schermerhorn Building. At closing, the 45,678-square-foot, loft office condominium was fully-occupied by tenants committed to long-term leases.

Built in 1888, the five-story building was originally designed by Henry Hardenbergh, the same architect who designed the Plaza Hotel. It stands in a neighborhood of historic office buildings, close to Astor Place, Bleecker St. and New York University.

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