Soho Retail Properties Refinanced With $54M Oaktree Loan
The Oaktree team was led by Karsten Kibbe and Justin Manaloto.
Kevin Chisholm’s 60 Guilders has acquired around 27,000 square feet of Soho retail inventory over the past few years. In addition to 119-121 Spring Street, the real estate investment firm also owns retail condominiums at 106 Spring Street, 133 Greene Street and 542 Broadway.
The properties covered by the refinance collectively comprise 4,135 square feet of ground-level retail space. They are located between Greene and Mercer Streets and were built in 1915 and 1900.
Bang & Olufsen recently signed a five-year lease (with five-year extension option) for the entire 2,186-square-foot ground floor at 121 Spring Street, which Valentino previously leased. DASH—the Kardashians’ boutique clothing store—occupied 119 Spring Street until December 2016 and the property is currently being marketed for lease by CBRE.
“The 60 Guilders partnership represents a truly best-in-class sponsor profile, with high-street retail expertise and proprietary knowledge of the Soho submarket,” Stolly said. “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.”
“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,” Roeschlaub added.
Officials at 60 Guilders and Oaktree did not immediately return a request for comment.