The debt will soon be securitized, which works for the size of the loan, Stellar’s principal Ryan Jackson told Commercial Observer. “It’s a very good time to be a borrower,” he added.
Commercial Mortgage Alert first published the news.
A Cushman & Wakefield team negotiated the debt.
One Soho Square is a 92-percent-leased office-and-retail project made of two combined buildings: 15-story-tall One Soho Square East, which was built in 1904, and 13-story-tall One Soho Square West, constructed in 1927. The complex’s tenants include beauty brands MAC Cosmetics, Aveda and Glossier, eyeglasses company Warby Parker and Trader Joe’s.
In August, insurance company Aetna inked a deal to take on 100,000 square feet of space in the eastern building.
That building only has one more floor left to lease, Jackson said.
Stellar, founded by Larry Gluck, in 2016 bought out its former partner in the 750,000-square-foot complex, Rockpoint Group, which held a 25 interest. The deal valued the project at $650 million. Imperium holds a minority interest in the property.
Stellar acquired the two buildings in the complex — 161 Sixth Avenue and 223 Spring Street — in 2012 for $200 million, then invested $50 million into the properties to create a joint lobby. [CO] — Mary Diduch