The joint venture between Chelsfield Group and RAM Holdings has obtained a $50 million refinancing loan for 114 Crosby St., a 12-story, 114,000-square-foot Class A office building in Manhattan. Maxim Capital Group, Sabal Investment Holdings and GDS Brightstar provided the note.
The partnership purchased the property from Broad Prince Realty two years ago, through a 99-year ground lease arranged by The Anton Group. The two companies paid $50.3 million and BridgeInvest provided a $35 million acquisition loan.
After the closing, the new owners fully renovated the 1898-built office asset also known as 580 Broadway. Upgrades included an overhaul of the property’s systems and a refurbishment of the lobbies.
Including prebuilds and build-to-suit layouts, the property has 13-foot ceilings and 11,411-square-foot floorplates. The all-electric building features 40 workstations, three private offices, 24 agile workplaces, four conference rooms, as well as six private booths and a 275-square-foot kitchen area. Amenities include a roof terrace and bike storage, to name a few.
Luxury outdoor apparel brand Arc’teryx has leased ground-floor and lower-level retail space totaling 14,400 square feet, with plans to open a coffee shop as well. Since the office property’s marketing program launched last year, more than half of the building has been leased.
The property is within walking distance of the Prince Street subway station, as well as several bus stops. Multiple upscale dining options and quick-service restaurants are also nearby.
Looming office debt spurs large Manhattan deals
A recent special report on office debt maturity revealed that approximately $615 billion in loans are expected to mature over the next five years in the office market at a national level. Despite the cumbersome CRE interest rates, refinancing deals still close.
Last month, Brookfield Properties secured $750 million for the refinancing of One Liberty Plaza, a 2.3 million-square-foot office high-rise less than 2 miles away from 580 Broadway. Morgan Stanley issued the note alongside multiple other lenders.
Another large refinancing transaction closed in April. L&L Holding Co. landed $911 million for 425 Park Ave. Sumitomo Mitsui Trust Bank provided the loan for the 47-story Manhattan office tower.