ABP Capital Lends $28M on SoHo Retail Property
By Andrew Coen December 16, 2022 4:44 pm
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Texas private equity firm Paceline Equity Partners has nabbed a $27.7 million debt package to refinance a newly acquired retail asset in Manhattan’s SoHo neighborhood anchored by activewear brand Vuori, Commercial Observer can first report.
ABP Capital provided the loan on Paceline’s 106 Spring Street, sources familiar with the deal told CO.
Dallas-based Paceline signed Vuori in March to a 10-year lease as the property’s sole tenant. The California activewear brand opened its SoHo outpost in October as its first East Coast store.
Newmark arranged the transaction with a team led by Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Daniel Fromm and Tim Polglase.
The 5,980-square-foot retail property was previously owned by SL Green (SLG) Realty, which acquired it for $79.5 million in 2019 from The Carlyle Group and 60 Guilders. Paceline then purchased the site in March 2021 through a Uniform Commercial Code auction on the heels of Citizens Bank foreclosing on SL Green’s interest in the property during the height of the COVID-19 pandemic, Commercial Observer previously reported.
Officials at ABP Capital and Paceline did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
