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Barings Provides $230M Refi on SoHo Mixed-Use Properties
Newmark said Thursday it had arranged a $230-million refinancing on behalf of Northwood Investors for 520-524 Broadway, a pair of historic retail and office properties located in SoHo. Co-President, Global Debt and Structured Finance Jordan Roeschlaub and vice chairman Nick Scribani secured the financing from Barings, which was led by Jonathan Neff.
The financing will provide future funding to support leasing across both the retail and office components. Terms of the loan were not disclosed. The property includes 55,000 square feet of ground-floor retail and 180,000 square feet of office space, leased to a diverse mix of tenants.
Originally constructed in 1901 and 1903, the Beaux-Arts limestone buildings spanning 235,000 square feet occupy the prominent southeast corner of Broadway and Spring Street, one of New York City’s most sought-after retail intersections, and are home to Balthazar and Lululemon, with Abercrombie & Fitch soon to join the roster. Office tenants include WeWork.
- ◦Financing
