Northwood Investors has secured a $230 million refinancing package for two adjacent mixed-use buildings in Soho, according to the Commercial Observer. The financing was provided by Barings and will cover the properties at 520 and 524 Broadway.
Northwood acquired these properties in 2021 for $325 million, utilizing a $227 million acquisition loan from Ares Commercial Real Estate. Prior to Northwood’s purchase, the Propp family had owned the buildings since 1987, as shown by public records.
The refinancing deal was arranged by a Newmark team that included Jordan Roeschlaub and Nick Scribani.
Together, the two buildings offer a total of 180,000 square feet of office space and 60,000 square feet of retail space. At the time of acquisition, occupancy stood at approximately 90 percent.
At 520 Broadway, cryptocurrency firm Artemis recently signed a five-year sublease. MoonPay is another recent crypto tenant in the building. Other office tenants include NoHo Hospitality Group and LaPlaca Cohen. Lululemon and Balthazar occupy retail spaces in the property.
WeWork is the largest tenant at 524 Broadway, occupying nearly half of its floors. Retail tenant Aritzia previously leased space there but has since departed.
In other Soho leasing activity, venture capital firm Seven Seven Six—founded by Reddit co-founder Alexis Ohanian—recently agreed to a long-term lease for an entire building at 216 Lafayette Street.
Separately, Northwood and Bohannon Companies filed initial plans earlier this year to redevelop Hillsdale Shopping Center in San Mateo, California into a new retail village with close to 1,400 homes.
