Ladder Capital, Heitman Lend $64M on 446 Broadway

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KPG Funds has landed a $63.6 million debt package to refinance a gut-renovated boutique office building in Manhattan’s SoHo neighborhood, Commercial Observer has learned.

Ladder Capital was the senior lender on the deal, with Heitman also providing financing for the five-story  L’Atelier located at 446 Broadway. Newmark arranged the transaction with a team led by Dustin Stolly and Jordan Roeschlaub alongside Nick Scribani, Chris Kramer, Dan Morin and Andrew Harwood

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Since acquiring 446 Broadway in 2018, KPG has invested more than $10 million into the asset, including for a full-lobby renovation, new elevators, a refurbishment of the facade and new windows.

Last July, KPG signed Cabin Editing Company, a post-production video-editing firm to a 7,463-square-foot lease for the top floor. It marked Santa Monica-based Cabin’s first New York office. 

“Believing in our KPG signature bespoke brand and product even through the pandemic, we were able to create and fully lease the best building in Soho, said Rod Kritsberg, CIO of KPG. “I want to thank our lenders for helping us realize the value created in this incredibly unique asset.”

Representatives for Ladder Capital did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.