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. It's unclear if Aurora defaulted on the loan in — but the building is now owned by the landlord and joint venture partners, according to a spokesperson for W&D.
"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 for W&D, said in a statement.
Recommended For You
"With our deep relationships across credit advisory and special services, we acted swiftly to guide both borrowers and lenders through complex restructuring processes. Our ability to collaborate effectively with lenders—along with our extensive network across all lines of capital—allowed us to deliver tailored solutions that addressed the unique needs of each party."
Along with Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Jordan Casella of the brokerage firm.
The Prince Building, which was originally built in 1897, features a total of 354,603 square feet of office and retail space. The office segment of the asset includes 12-foot ceiling heights, with floor sizes averaging 28,000 square feet. Plus, the property includes amenities such as a fitness center, an atrium, and a renovated lobby.
A recent investment report on the New York Tri-State market from CBRE found that CRE investments in the area dipped by 2.6 percent to $33.4 billion in 2024. The retail sector saw one of the biggest declines at -13.1 percent. Meanwhile, office in the region continues its resilience in the post-pandemic world, as investments in the sector surged 32.9 percent year-over-year. Overall, CBRE is bullish on CRE in the Tri-State market thanks to various favorable trends from strong fundamentals to healthy consumer spending.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
