A development group led by Michael Shvo has secured a $210 million loan to finance the acquisition of 530 Broadway.
The debt is being provided by LoanCore Capital to help finance the $386 million purchase, people familiar with the deal told The Real Deal.
Shvo’s group — including Turkish firm BLG Capital and Deutsche Finance America — went into contract to buy the property from Jeff Sutton’s Wharton Properties and Joe Sitt’s Thor Equities in January, TRD previously reported.
The 11-story mixed use building spans 197,637 square feet and is fully leased with tenants including Anomaly, JKR, Knotel, Skechers, and Club Monaco. Designed by Brunner & Tryon, it was built in 1898.
Shvo and his partners were represented by a JLL team led by Michael Tepedino, David Sitt, and Robert Tonnessen.
The loan is the latest in a string of deals connected to recent building purchases by Shvo’s group, which also includes Bayerische Versorgungskammer — or BVK — Germany’s largest pension fund. The acquisitions include Manhattan properties 711 Fifth Avenue and 685 Fifth Avenue, and 9200 Wilshire Avenue in Beverly Hills. Most recently, they acquired the iconic pyramid-shaped Transamerica Building in San Francisco.