Northwood Investors has secured $230 million in refinancing for two neighboring mixed-use buildings in Soho, according to a report from the Commercial Observer. The financing was provided by Barings and covers the properties at 520 and 524 Broadway. Northwood originally acquired these buildings in 2021 for $325 million, using a $227 million loan from Ares Commercial Real Estate.
The properties were previously owned by the Propp family since 1987 before Northwood’s purchase, as indicated by public records. Newmark’s Jordan Roeschlaub and Nick Scribani arranged the refinancing deal.
The two adjacent buildings together feature approximately 180,000 square feet of office space and an additional 60,000 square feet dedicated to retail. At the time of acquisition in 2021, they were reportedly about 90 percent leased.
Recent leasing activity at 520 Broadway includes cryptocurrency firm Artemis signing a five-year sublease. MoonPay, another crypto company, is also among recent additions to the building. Other office tenants include NoHo Hospitality Group and LaPlaca Cohen. Lululemon and Balthazar occupy some of the retail spaces.
At neighboring 524 Broadway, WeWork remains a major tenant, occupying nearly half of its floors across eleven stories. Former retail tenant Aritzia has vacated its space there.
Elsewhere in Soho, venture capital activity continues as a firm started by Reddit co-founder Alexis Ohanian signed a long-term lease for an entire building at 216 Lafayette Street.
Earlier this year, Northwood teamed up with Bohannon Companies to submit preliminary redevelopment plans for Hillsdale Shopping Center in San Mateo, California. Their proposal would transform the existing mall into a mixed-use village that includes almost 1,400 new homes (https://www.bizjournals.com/sanfrancisco/news/2024/02/16/hillsdale-mall-redevelopment-san-mateo.html).
