GDS Brightstar Provides $34M Loan To Lease Up New Meatpacking Office Building
76 Eighth Avenue is an 11-story office building featuring 40,000 square-feet of usable commercial space
By Brian Pascus May 2, 2024 11:43 am
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G4 Capital Partners has secured $34.25 million in bridge financing for the lease-up of a boutique, Class-A office building opening in Manhattan later this year.
GDS Brightstar, the lending arm of GDS Development Management, provided the loan together with Sabal Investment Holdings. The financing is a three-year loan that will fund tenant fit-out and final lease up of the project.
Located on the corner of 14th Street in Manhattan’s Meatpacking District, 76 Eighth Avenue is an 11-story office building featuring 40,000 square-feet of usable commercial space.
The ground floor retail component is already leased to Wells Fargo (WFC). Tenants within walking distance include Google, Samsung, Tesla, Gucci, Rolex, and Apple, while the famous Pastis Restaurant is together with several subway stations spread along 14th Street.
Alan Rudikoff, partner and co-founder of real estate firm GDSNY, called the building a “high-quality asset” with a “high quality sponsor” in a statement about the deal.
“The Meatpacking District is one of the premium office destinations in Manhattan for new construction offices with vacancy rates in the low single digits, well outperforming the market,” said Rudikoff.
Tal Seder, managing director of opportunistic investments at Sabal Investment Holdings, noted in his statement that the building’s location is within an intersection filled with retail, restaurants and shops.
“We are believers in high-quality Manhattan office and retail assets, and are pleased to be able to provide a flexible financing solution in conjunction with GDSNY for this exceptional asset,” said Seder.
Brian Pascus can be reached at bpascus@commercialobserver.com
