Northwood Investors is refinancing a pair of properties in Soho four years after acquiring them.
Barings provided $230 million to Northwood to refinance the adjacent mixed-use office and retail buildings at 520 and 524 Broadway, the Commercial Observer reported. Northwood acquired the properties in 2021 for $325 million, using a $227 million acquisition loan from Ares Commercial Real Estate.
The pair of buildings had been owned by the Propp family since 1987 before Northwood’s acquisition, according to public records.
A Newmark team including Jordan Roeschlaub and Nick Scribani arranged the deal.
The buildings at 520 and 524 Broadway have a combined 180,000 square feet of office space and 60,000 square feet of retail space. At the time of the acquisition, the buildings were 90 percent leased.
Cryptocurrency firm Artemis recently signed a five-year sublease at 520 Broadway, joining another recent crypto addition to the building, MoonPay. Other office tenants at the 11-story building include NoHo Hospitality Group and LaPlaca Cohen; Lululemon and Balthazar are retail tenants.
The most prominent tenant at 524 Broadway is WeWork, which occupies nearly half the floors in the 11-story building. Aritizia was a retail tenant at one time, but has since left the space.
Elsewhere in Soho, a venture capital firm started by Reddit co-founder and Serena Williams’ husband, Alexis Ohanian, recently inked a long-term lease for an entire building at 216 Lafayette Street.
In February, Northwood and Bohannon Companies filed preliminary plans to redevelop a 71-year-old mall in San Mateo, California, aiming to transform the site into a retail village complete with nearly 1,400 homes.
— Holden Walter-Warner
Read more
Northwood buys two Soho buildings for $325M
Bohannon, Northwood to redevelop 71-year-old Hillsdale mall
Reddit co-founder and Serena Williams’ husband Alexis Ohanian’s VC firm leases entire Soho building
