IPA Arranges Financing for Soho Mixed-Use Asset
The Marcus & Millichap division has secured $35 million for the acquisition of a 99-year leasehold interest at 580 Broadway.
NEW YORK, NY – Marcus & Millichap’s institutional financing division Institutional Property Advisors has arranged $35 million in financing for the acquisition of a 99-year leasehold interest at a 141,645-square-foot, mixed-use building in Manhattan’s SoHo neighborhood.
Located at 580 Broadway, the 12-story property features 8,442 square feet of grade retail space, 7,292 square feet of low-grade retail space and 125,911 square feet of office space. Built in 1898, the building encompasses a full block between Houston St. and Prince St. and spans to Crosby St.
The Anton Group structured the sale of the deal via a long-term ground lease.
Miami, FL-based, private real estate lender BridgeInvest operated as the senior debt lender for the transaction.
IPA’s SVP Matthew Polci secured the financing. IPA’s Steven Buchwald also assisted in arranging the financing, while working the Anton Group’s first VP Justin Natalizio.
“This was a unique opportunity for our client to acquire a sizable property that rarely trades in the SoHo submarket,” says Polci. “The asset, which includes high-end office and retail, was a complex investment opportunity that offers significant value-add upside in a resurgent downtown Manhattan commercial market.”