Manhattan mixed-use gems receive $305 Million refi loan
JLL Capital Markets secures loan with Morgan Stanley for Wharton’s 530-536 Broadway.
NEW YORK - Oct. 18, 2018 – JLL’s Capital Markets experts have arranged a $305 million floating-rate loan to refinance 530-536 Broadway, three adjoining mixed-use buildings in Manhattan’s SoHo submarket. Morgan Stanley provided the three-year, non-recourse financing.
Vice Chairman Aaron Appel, Executive Vice President Michael Diaz, and Vice Presidents David Sitt and Eliott Zeitoune led the financing team representing the borrowers, Wharton Properties and Thor Equities.
“This asset has a very strong, experienced and well-capitalized sponsorship and also benefits from an unrivaled location in one of the city’s most dynamic live-work-play neighborhoods, all of which made it an appealing financing opportunity for a broad range of lenders,” said Appel.
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 ground floor retail space, totaling 24,132 square feet, is fully leased. Tenants include Skechers and Club Monaco. The office space, totaling 177,092 square feet, is occupied by a range of tenants in creative industries and professional services and includes the flexible office start-up, Knotel, which signed a lease this year.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm’s 2,400 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with operations in over 80 countries and a global workforce of 88,000 as of September 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com