Luxury Developer SHVO Lands $230M Loan for SOHO Property

Luxury real estate developer SHVO on behalf of a joint venture including Deutsche Finance America and BLG Capital Ltd. has secured a $230 million loan from LoanCore Capital in the acquisition of 530 Broadway in SOHO.

530 Broadway.

NEW YORK CITY- Luxury real estate developer SHVO on behalf of a joint venture including Deutsche Finance America and BLG Capital Ltd. has secured a $230 million loan from LoanCore Capital in the acquisition of 530 Broadway, an 11-story, 197,637-square-foot office building with ground-floor retail in SOHO, Manhattan. Jones Lang LaSalle arranged the transaction financing. 

The venture acquired the property from Wharton Property Advisors and Thor Equities in a separate transaction. The property was constructed in 1898, which Brunner & Tryon designed. Some current tenants at the property include Anomaly, JKR, Knotel, Skechers and Club Monaco.

In the past 18 months, SHVO, Deutsche Finance and BLG Capital have partnered on the acquisition of six other properties, including 685 Fifth Avenue and 711 Fifth Avenue in New York City; The Raleigh and South Seas in Miami Beach, Florida; and 9200 Wilshire Boulevard in Beverly Hills, California.

“We are thrilled to work with Michael Shvo and his partners Deutsche Finance America and BLG Capital,” Michael Tepedino of JLL in a prepared statement, who arranged the transaction. “530 Broadway is a super-prime SoHo property, and it will certainly be a valuable part of this team’s portfolio.”

SOHO has seen a flood of capital over the past several quarters, according to a recent GlobeSt.com article. Acadia Realty Trust, a real estate investment trust specializing in the retail asset class, has been on a shopping spree for assets in the SoHo submarket, acquiring properties along the Greene Street corridor in a total aggregate of $100 million. Newmark Knight Frank brokered the string of recent acquisitions Acadia has made, including the recent $15 million acquisition of 37 Greene St.

The retail condo at 37 Greene Street spans 3,569 square feet on the ground floor, which is occupied by modern furniture store Kartell. The pre-war, cast-iron building was constructed in the 1900s and considered the heart of SoHo. The purchase of the property is the sixth tally in the acquisitions Acadia has made along the Greene Street corridor of retail condos.