Arch Refis Greenwich Village Offices with $71M Bridge Loan
Arch Companies has closed on the refinancing of 88 University Pl., an office property in Greenwich Village, with a $70.5-million bridge loan from a CIM Group-managed fund. The bridge loan was sourced by a partnership between Arch Advisors and Jonathan Aghravi and Eli Terry of JBA Equities.
The loan closing represents a positive step in the rebranding and repositioning of the asset as 88U for the ownership partnership which includes Arch Companies, Tahari Capital, and other existing partners, after a significant period of having the office space off the leasing market.
The 11-story boutique building includes 10 floors of office space across 85,000 square feet and 9,314 square feet of ground floor retail. Arch is in the process of repositioning the asset through a significant capital improvement program. Sam Seiler, Joseph Sipala and Kristen Morgan of JLL have been retained to market the vacant office space.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).