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Boutique Union Square Offices Refinanced for $66M
Newmark arranged a $66.5-million loan on behalf of ZG Capital Partners to refinance 836–838 Broadway, a boutique, fully leased mixed-use office property in Manhattan’s Union Square neighborhood. J.P. Morgan provided the financing, which replaces a previously secured $28.9-million loan. Senior managing director Daniel Fromm, director Tim Polglase and analysts Jack Fenton and Stavros Giannakopoulos arranged the financing on ZG’s behalf.
ZG acquired the vacant property in December 2021 for approximately $39 million and has since invested more than $20 million in a comprehensive repositioning. “ZG Capital Partners’ significant investment and attention to detail created a one-of-a-kind office property,” said Fromm. “The quality of the finished building and its leasing performance generated strong lender interest in the refinancing.”
Located at Broadway and East 13th Street, 836–838 Broadway is one block south of Union Square, offering convenient access to the Union Square transit hub and the surrounding area’s restaurant and retail offerings.
- ◦Financing
