Aurora Capital Associates has struck a $200 million loan restructuring for its mixed-use property at 568 Broadway in SoHo, Manhattan. The deal effectively extended the loan in the long term, although the number of years was not clear.
Walker & Dunlop arranged the restructuring for the office and retail asset, also known as the Prince Building. The move comes after the loan defaulted in November after multiple extensions to the maturity were exercised.
"At W&D, we stepped in as strategic advisors to resolve two office loan situations that had matured and were facing significant challenges," Aaron Appel, senior managing director and co-head of New York Capital Markets Team, said in a statement.
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