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MRC Furnishes $24M Loan on Soho Offices
Madison Realty Capital (MRC) has provided a $23.7-million loan on a seven-story mixed-use building at 54 Thompson St. in Soho. The loan allows the borrower, a private owner, to refinance existing debt and fund tenant improvements.
The 29,164-square-foot building is 100% leased to six tenants including Pera, a ground-floor Mediterranean restaurant; four legacy office tenants; and co-working operator Breather, which is slated to take occupancy in November.
The borrower will use the loan proceeds to build out Breather’s offices, and intends to create additional value on the second and third floors as short-term leases roll off. Residential condominiums on the upper floors aren’t included in the loan collateral.
“This financing opportunity was very attractive given the asset’s desirable Soho location, a new lease with Breather that brings the building to full occupancy and the property’s high-quality retail space featuring a rare walled outdoor space,” said Josh Zegen, MRC managing principal.
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