Jeff Sutton’s Wharton Properties has scored $195 million in new loans to refinance a newly developed retail building in Soho.
UBS AG and Morgan Stanley Bank provided the loan to Sutton to refinance a six-story building at 529 Broadway, records filed with the city’s Department of Finance on Friday show. The loan replaces previous loans from Deutsche Bank, including a $100 million acquisition loan, a $30 million building loan and a $9.3 million mortgage. In addition to replacing these loans, UBS issued a new $56.6 million loan.
Wharton , along with Aurora Capital Associates, Thor Equities and the Adjmi family bought the building in 2012 for $147.9 million, a record price for the neighborhood at the time. The developers demolished the original buildings on the site and built a new six-story structure designed by BKSK Architects. Nike is taking the ground floor of the building, where asking rent was reportedly $1,200 per square foot. In April, The Real Deal reported that Sutton and SL Green Realty were quietly shopping a group of buildings across the street, 530-536 Broadway, which were estimated to be worth $450 million.