Olnick Snags $85M Refi for Blockwide Soho Building

reprints


First Republic Bank lent $85 million against an office building at 63-67 Prince Street in Soho, according to records filed with the city on Tuesday.

SEE ALSO: First Republic Lends $95M on Time Equities’ 50 West Street Condos

The borrower, Olnick Organization, is refinancing old debt on the property. The new loan gives the New York-based property owner $29.3 million of cash in hand, while the remainder of the debt consolidates and replaces a $62 million mortgage that AXA Financial provided in June 2008. It was not immediately clear what the extra funds would be used toward.

The 15-story building was built in 1927 and stretches from Lafayette to Crosby Street. Ground floor tenants include retailers G-Star RAW and Supreme, and La Colombe Coffee Roasters.

A representative for Olnick did not immediately respond to a request for comment, nor did a representative for First Republic.