Zar Property NY took out a $37 million loan from TD Bank to refinance its residential, office and retail property at 64-68 Wooster Street in Soho, city records show.
The floating-rate loan carries a term of three years and six months, confirmed TD Bank Senior Vice President Howard Hsu, who led the transaction on behalf the lender.
Zar Property NY acquired the eight-story building in December 2008 for $12.7 million.
Scotland’s Glasgow Caledonian University signed a 15-year lease for 13,500 square feet of retail space on the building’s ground floor and lower level in September 2013 to open its first U.S. campus, Commercial Observer reported at the time. Asking rents for the retail space were $250 per square foot.
The school had been doing construction on the space before opening its doors in April, Zar Property NY’s head of leasing David Zar later told CO.
The 49,000-square-foot property, which was completed in 1900, is now fully leased. Other tenants there include the photographer Steven Meisel and fashion designer Zaldy.
Zar Property NY did not respond to requests for comment.