Mixed-Use Property at 530-536 Broadway Gets $305M in Refinancing
Wharton Properties and Thor Equities obtained the loan from Morgan Stanley for adjoining SoHo buildings.
NEW YORK CITY—Wharton Properties and Thor Equities have taken out a $305 million floating-rate loan to refinance three adjoining mixed-use buildings in SoHo at 530-536 Broadway. Morgan Stanley provided the three-year, non-recourse financing.
The financing covers 530 and 536 Broadway, two 10-story buildings, and 532 Broadway, an 11-story building. The buildings have a combined total of 201,224 square feet of rentable space. The 24,132 square feet of ground-floor retail space is fully leased with tenants including Skechers and Club Monaco.
The 177,092 square feet of office space is occupied by a diversity of tenants in creative industries and professional services. It includes the flexible office provider, Knotel, which signed a lease this year.
The JLL capital market team led by Aaron Appel, Michael Diaz, David Sitt and Eliott Zeitoune represented the borrowers in arranging the refinancing loan.