KPG Funds (KPG) has announced that it secured a $50 million construction loan for 40 Crosby, a 70,000-square-foot, five-story SoHo office building in New York City owned by KPG Funds to be repositioned as a boutique luxury office building (The Crosby) atop prime retail space with Broadway frontage. Sabal Investment Holdings (SIH) and GDS Brightstar, the real estate-lending platform of New York-based GDSNY, are the lenders for the project.
“By never wavering in our belief in the resilience of the greatest city in the world, we are being rewarded with the ability to construct bespoke office space in a gorgeous cast-iron building in a premiere location,” said Rod Kritsberg, co-founder and CIO at KPG. “KPG's white-glove management, exceptional amenities and top co-tenancy will further enhance the cache of 40 Crosby.”
The three-year construction loan will give 40 Crosby a full-building renovation. The business plan calls for creating a dedicated entrance on
