GreenBarn Investment Group and Sabal Investment Holdings partnered on the refinancing of 817 Broadway, a Greenwich Village office property, through the origination of a $37.5-million mezzanine loan, alongside a new $91-million senior mortgage from Ares Real Estate funds.
Owned and developed by Taconic Partners, 817 Broadway is a 14-story, 140,000-square-foot, Class A, boutique office building at the corner of Broadway and 12th Street. Originally constructed in 1895, the property underwent an extensive renovation that preserved the building’s historic character while adding upgraded building systems, a restored façade, and high-end tenant amenities. It is 100% leased.
“The success of 817 Broadway is a testament to a thoughtful development approach that revived a piece of New York’s history and delivered an exceptional tenant experience,” said Chris Balestra, president and CIO, Taconic Partners. “Taconic is pleased to refinance this property with GreenBarn, Sabal and Ares, and is bullish on the overall office market in New York City as we actively seek to add to our portfolio.”
Adam Spies and Adam Doneger of Newmark acted as advisors in connection with the transaction.
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