LBBW Refis Debt on NoHo Mixed-Use Asset With $66M Loan
Paramount Group sold 670 Broadway, or 0 Bond Street, to Cara Investment GmbH in January for $130.5 million
By Mack Burke October 15, 2019 11:43 am
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German private investor Cara Investment GmbH, the buyer who took over Paramount Group’s 670 Broadway earlier this year, has nabbed $66 million from German lender Landesbank Baden-Württemberg (LBBW) to refinance the debt that helped fund the purchase, according to city records filed last week.
This financing took out $66 million in previous acquisition debt from Sky View GmbH that facilitated Cara’s $130.5 million purchase of the property in January 2019, records show.
Paramount bought the asset in 2015 for $112 million, with an $80 million financing package from Bank of America (BAC). The company tried to offload the property in 2017 for around $160 million, but instead paused and then put it back on the market in 2018, The Real Deal reported earlier this year.
Built in 1873, 670 Broadway—with an alternate address of 0 Bond Street and located between Bond and Great Jones Streets—is a five-story, roughly 70,000-square-foot office and retail building, according to information from CoStar (CSGP) Group.
Tenants in the building include fitness operator (and Related Companies subsidiary) Equinox, which has leased out 28,000 square feet across the lower level and the first and second floors.
Luxury women’s sports and activewear retailer Bandier signed a lease for nearly 28,000 square feet at the location in March 2018, as The Real Deal first reported. It’s situated in 4,500 square feet on the ground floor, 13,000 square feet on the fourth floor and it has 10,000 square feet on the lower level; its fitness studio brand—Studio B—is in a portion of the fourth floor, with the remaining 8,000 square feet there being used for office space. Newmark (NMRK) Knight Frank currently handles leasing at the property.
An official at Cara Investment did not immediately respond to an inquiry. LBBW could not immediately be reached.
