Aaron Appel, vice chairman at JLL, says the property's location helped attract a broad range of lenders.
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.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
