Soho House’s landlords land $205M loan for Dumbo office conversion

Natixis provided financing for 10 Jay Street

New York /
Jul.July 08, 2019 12:45 PM

Soho House CEO Nick Jones and 10 Jay Street (Credit: Getty Images and Pavel Bendov)

Glacier Global Partners and Triangle Assets took out a $205 million refinancing on their Dumbo office redevelopment, which will be home to Soho House’s new co-working venture.

French bank Natixis provided the sponsors with the floating-rate loan on the property at 10 Jay Street, brokers who arranged the debt told The Real Deal.

Newmark Knight Frank’s Dustin Stolly secured the financing for the sponsors, along with colleagues Jordan Roeschlaub, Dylan Kane, Chris Kramer and Nick Scribani.

The debt has a term of five years, including two one-year extensions. The new financing replaces a $150 million bridge loan that Acore Capital provided the sponsors in 2017 to complete the project.

Glacier Global and Triangle Assets acquired the 10-story former sugar refinery at 10 Jay Street with plans to convert the building into residential condominiums, but in 2015 switched gears and decided to go for a roughly 222,000-square-foot office conversion.

The developers signed tenants like the clothing-rental startup Rent the Runway to 83,000 square feet and Soho House to 50,000 square feet for its Soho Works concept at the warehouse conversion, which was designed by ODA New York.

The building sits a short walk from the company’s Dumbo House members club at Empire Stores.


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Frank Lloyd Wright with 1425 Valley View Drive (Getty, Re/Max)
Unique Frank Lloyd Wright home available … for now
Unique Frank Lloyd Wright home available … for now
Carpenter & Company's Richard Friedman and 2 Canal Street in New Orleans (Carpenter & Company, Google Maps)
New Orleans Four Seasons lands $315M loan from Madison Realty Capital
New Orleans Four Seasons lands $315M loan from Madison Realty Capital
A photo illustration of the Arizona Ghost Town Museum in Pearce, Arizona (Getty Images, Facebook/oldpearcepottery)
Night at the museum: Ghost town general store turned-home lists at $1M
Night at the museum: Ghost town general store turned-home lists at $1M
HUBB’s John McCarthy, Greystone's Thomas Ryan and 223-225 4th Avenue (Google Maps, Greystone, Getty)
HUBB NYC continues 421a spending spree, buying Park Slope building
HUBB NYC continues 421a spending spree, buying Park Slope building
120 East 39th Street (Hotels, Getty)
Short-term rental company taking over Midtown hotel
Short-term rental company taking over Midtown hotel
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...