NEW YORK CITY—Savanna has closed an over $66 million refinancing for 434 Broadway, a nine-story, 65,700-square-foot mixed-use property here, in Soho. The new loan with Deutsche Bank's Special Situations Group replaces a prior acquisition loan from Mesa West Real Estate.
Savanna purchased 434 Broadway (at Howard Street), which dates back to 1910, in 2013. Since then, Savanna has executed approximately $7 million in base building and cosmetic capital work at the property.
In addition, Savanna has leased 21,690 square feet of office space since acquiring the property. Major transactions include an expansion for media company Technicolor, and welcoming new tenants such as venture capital firm General Catalyst and digital agency UENO.
Currently, Savanna is constructing pre-builts on its two remaining floors, and marketing its 5,650-square-foot ground-floor retail space.
“We are pleased to work with Deutsche Bank on this transaction and to have this institutional acknowledgement of the investment we have made to enhance this historic building through capital improvements and formidable leasing success,” says Tom Farrell, managing Director, Savanna.
Savanna purchased 434 Broadway (at Howard Street), which dates back to 1910, in 2013. Since then, Savanna has executed approximately $7 million in base building and cosmetic capital work at the property.
In addition, Savanna has leased 21,690 square feet of office space since acquiring the property. Major transactions include an expansion for media company Technicolor, and welcoming new tenants such as venture capital firm General Catalyst and digital agency UENO.
Currently, Savanna is constructing pre-builts on its two remaining floors, and marketing its 5,650-square-foot ground-floor retail space.
“We are pleased to work with
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