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

Natixis provided financing for 10 Jay Street
By Rich Bockmann | July 08, 2019 12:45PM

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.