Newmark Bags $30M for Union Square Mixed-Use Property
Cathy Cunningham Aug. 22, 2016, 2:32 p.m.
Amalgamated Bank has provided a $30 million loan to Newmark Holdings to refinance 5-9 Union Square West, sources tell Commercial Observer.
The property is an an eight-story, 105,000-square-foot mixed-use building located in Union Square between East 14th and East 15th Streets. It is currently over 93 percent leased, with a roster of tenants that includes Staples and Rockwell Architecture Design.
Amalgamated also provided the previous $7 million debt on the building that was originated in 2004 and consolidated in 2011, according to property records.
“Amalgamated Bank was the existing lender and competed aggressively with other lenders to retain this loan, which is for a seven-year term with a fixed interest rate of 3.13 percent. The first five years are interest only,” said Paul Talbot, a senior managing director at Newmark.
Newmark has been busy in the Downtown area as of late. The owner-operator-developer closed a $120 million loan with Bank of New York Mellon and TD Bank for the refinancing of a three-building office portfolio in mid-July, as previously reported by CO.
Officials at Amalgamated could not immediately be reached for comment.