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SoHo Trophy Asset Secures $216M Refinance
15 Oct
Summary
- A $216 million bridge loan refinanced a SoHo mixed-use property.
- The 12-story building houses retail and office spaces.
- Prominent tenants include Hugo Boss, GU, and Zocdoc.
Walker & Dunlop has successfully arranged $216 million in bridge financing to refinance the prestigious 568 Broadway property. This mixed-use asset is situated in the sought-after SoHo neighborhood of Manhattan. The transaction was advised by Walker & Dunlop Capital Markets Institutional Advisory on behalf of a joint venture including Aurora Capital, Allied Partners, and A&H Acquisitions.
This 12-story building encompasses approximately 390,745 square feet. Its retail component, totaling around 70,870 square feet, is fully leased to notable tenants such as Hugo Boss, Athletic Propulsion Labs, GU, and Equinox. The office spaces within the property are occupied by a diverse range of tenants, including Zocdoc, The Farmer's Dog, and Milk Makeup.
The property's strategic location at the intersection of Broadway and Prince Street provides significant visibility and high pedestrian traffic. SoHo is characterized by its limited supply of large office and retail spaces, which supports sustained rent growth and occupancy. This dynamic market condition enhances the long-term value of 568 Broadway.
