GDSNY, Sabal Provide $34M Loan for Downtown Office 

GDS Brightstar has closed a $34.25 million loan for 76 Eighth Avenue, an 11-story, 40,000-square-foot boutique office building in the Meatpacking District owned by G4 Capital Partners. Sabal Investment Holdings and GDS Brightstar provided the financing. The class-A building is mostly leased, with Wells Fargo set to occupy the ground floor retail space. The loan will fund the remaining tenant fit-out and lease-up.  

“We continue to identify high-quality assets, sponsors, and real estate opportunities in New York for our partners and investors,” said Alan Rudikoff, partner and co-founder of real estate firm GDSNY. “The Meatpacking District is one of the premium office destinations in Manhattan for new construction offices with vacancy rates in the low single digits, well outperforming the market.”