The Real Deal New York

Savanna refis Soho office building with $66M loan

Deutsche Bank funds replace $62M in Mesa West financing
By Chava Gourarie | November 23, 2016 04:15PM

Rendering of 434 Broadway (credit: Savanna)

Rendering of 434 Broadway (credit: Savanna)

UPDATED, Nov. 28, 2:45 p.m.: Savanna refinanced a Soho office-and-retail building at 434 Broadway with a $66.2 million loan from Deutsche Bank.

The financing replaced a prior $62 million acquisition and repositioning loan from Mesa West Capital, according to a spokesperson for Savanna.

The nine-story, 65,700-square-foot building sits on the corner of Howard Street and Broadway in Soho, and includes a 5,650-square-foot ground-floor retail space. Tenants at the building include the media company Technicolor, which occupies two floors, and real estate firm RAL Companies, along with several smaller real estate and architecture firms.

The building, which dates back to 1910, has a stone and cast iron facade that recently underwent a renovation.

Savanna purchased the building for $62 million in 2013 from Georgetown Group.

Savanna TRData LogoTINY is an active Midtown-based real estate private equity firm led by Christopher Schlank and Nicholas Bienstock. The company’s holdings include One Court Square in Long Island City, 110 William Street in Lower Manhattan, and 141 Willoughby Street in Downtown Brooklyn, where the developers recently passed a zoning hurdle that will allow them to build a 44-story, mixed-use property on the site.

Correction: A previous version of this story put the Mesa West financing at $49 million. The correct amount is $62 million.