Michael Shvo secures $210M loan for 530 Broadway buy

The developer went into contract on the property in January for $382M

New York /
Mar.March 04, 2020 12:54 PM
Michael Shvo and 530 Broadway with Joe Sitt of Thor Equities and Jeff Sutton of Wharton Properties (inset) 

Michael Shvo and 530 Broadway with Joe Sitt of Thor Equities and Jeff Sutton of Wharton Properties (inset)

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.


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