Jeff Sutton secures $195M to refi 529 Broadway

Loan from UBS, Morgan Stanley replaces previous Deutsche Bank loan

TRD New York /
Aug.August 26, 2016 02:24 PM

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 TRData LogoTINY, 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.

 

Related Articles

arrow_forward_ios

WeWork IPO pushed back, Manhattan DA subpoenas Trump Org taxes: Daily digest

From left: Jeff Sutton, Brookfield's Ric Clark, and Apollo's Leon Black with the Crown Building

Apollo to provide $800M loan for Crown Building

The Crown Building and Jeff Sutton

Crown Building retail owners in talks with Natixis, Apollo, for $900M refi

Jeff Sutton and 747 Madison (Credit: Google Maps)

Jeff Sutton lands $90M refi for Madison Ave Gold Coast property

Here’s what the $10M to $20M NYC i-sales market looked like last week

Here’s what the $20M-$30M NYC investment sales market looked like last week

Here’s what the $10M-$20M NYC investment sales market looked like last week

Sutton, Sitt score $305M refi for
530 Broadway

arrow_forward_ios