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JV’s Boutique Office Project Lands $187M Loan

NKF Capital Markets has obtained $187 million of construction financing from Apollo for Normandy Real Estate Partners and Columbia Property Trust’s development of 799 Broadway. Normandy and Columbia formed a joint venture last month to develop the 12-story boutique office property at the intersection of Union Square and Greenwich Village.

The team was led by co-chairmen Dustin Stolly and Jordan Roeschlaub, along with Nick Scribani and Chris Kramer. Adam Spies, Adam Doneger, Kevin Donner, and Josh King of Cushman & Wakefield advised Normandy and its former partner Ares Management on the partial sale to Columbia. Gavin Evans and Travis Feehan were the project leads for Normandy, while Kevin Hoover represented Columbia.

Plans for 799 Broadway entail 147,688 square feet of office, 12,688 square feet of community space and 21,929 square feet of retail. “The state-of-the-art development will be a trophy boutique office building, certain to attract New York’s most prominent tenants,” said Stolly.

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About Paul Bubny

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 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).

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