Weekly Real Estate News
Summary
Walker and Dunlop arranged $216 million in bridge refinancing for 568 Broadway, a 390745-square-foot mixed-use office and retail building in SoHo.
Walker & Dunlop arranged $216 million in bridge financing for 568 Broadway, a 12-story office and retail property in Manhattan’s SoHo neighborhood, in a transaction that highlights continued lender interest in select mixed-use assets.
The company said its capital markets team advised a joint venture of Aurora Capital, Allied Partners and A&H Acquisitions, with ACORE Capital providing the financing. The transaction was disclosed in an October 14 release.
Retail occupancy supports financing
The approximately 390,745-square-foot property occupies the corner of Broadway and Prince Street. Its roughly 70,870 square feet of retail space is fully leased, according to Walker & Dunlop, with tenants including Hugo Boss, Athletic Propulsion Labs, GU and Equinox. Office tenants include Zocdoc, The Farmer’s Dog and Milk Makeup.
Bridge loans can provide flexibility while owners execute leasing or repositioning strategies, although the company did not disclose the loan’s interest rate, maturity or leverage ratio. The refinancing should not be confused with a new property acquisition.
The deal offers a contrast to weaker office markets, where vacancy and refinancing pressures remain significant. Its disclosed tenant roster and retail occupancy distinguish this particular property; they do not establish a broader Manhattan office recovery.
