On behalf of a partnership led by 60 Guilders, Newmark has secured a $54-million floating-rate loan for the refinancing of 119-121 Spring Street. The Newmark team was led by Jordan Roeschlaub and Dustin Stolly, Vice Chairmen and Co-Heads of Debt & Structured Finance, as well as Senior Managing Director Daniel Fromm, Managing Director Nick Scribani, Managing Director Chris Kramer and Associate Director Dylan Kane. The loan was provided by Oaktree, with the transaction team led by Karsten Kibbe and Justin Manaloto.
“The 60 Guilders partnership represents a truly best-in-class sponsor profile with high-street retail expertise and proprietary knowledge of the SoHo submarket. Bang & Olufsen, a global electronics company with nearly $3 billion in revenue, will serve as a strong anchor of the corner space at 121 Spring,” said Mr. Stolly.
“With the newly-renovated glass facade in 119 Spring’s entrance and the submarket’s strong recent leasing momentum, we feel very confident in the leasing prospects,” said Mr. Roeschlaub.
119-121 Spring Street collectively represents 4,135 square feet of prime, ground-level retail in the heart of the SoHo neighborhood of Manhattan, on the northeast corner of Spring Street and Greene Street. The partnership led by 60 Guilders recently inked a five-year lease with Bang & Olufsen for the entire 2,186 square feet on the ground floor at 121 Spring, which was previously occupied by Valentino. The adjacent 119 Spring, formerly occupied by DASH, is currently being marketed for lease by CBRE.
60 Guilders focuses on identifying, purchasing and repositioning value-add properties in New York City and has acquired $860 million of properties, including five stores in SoHo.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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