Morgan Stanley provides $305m refi loan for Soho mixed-use project

JLL’s Capital Markets has arranged a $305 million floating-rate loan to refinance 530–536 Broadway, three adjoining mixed-use buildings in Manhattan’s SoHo submarket. Morgan Stanley provided the three-year, nonrecourse financing.

“This asset has a very strong, experienced and well-capitalized sponsorship and also benefits from an unrivaled location in one of the city’s most dynamic live-work-play neighborhoods, all of which made it an appealing financing opportunity for a broad range of lenders,” said Aaron Appel, vice chairman, who, with Michael Diaz, executive vice president, and vice presidents David Sitt and Eliott Zeitoune, led the financing team representing the borrowers, Wharton Properties and Thor Equities.

The financing covers 530 and 536 Broadway, two 10-story buildings, and 532 Broadway, an 11-story building. The buildings have a combined total of 201,224 square feet of rentable space. The ground-floor retail space, totaling 24,132 square feet, is fully leased. Tenants include Skechers and Club Monaco. The office space, totaling 177,092 square feet, is occupied by a range of tenants in creative industries and professional services and includes the flexible office start-up Knotel, which signed a lease this year.