Maxim, Sabal, and GDSNY Supply $50M Refi on Manhattan Office Building
By Andrew Coen July 17, 2024 4:48 pm
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A joint venture between London developer Chelsfield Group and investment firm Ram Holdings has sealed a $50 million loan to refinance its newly renovated SoHo office building.
Maxim Capital Group, Sabal Investment Holdings and GDS Brightstar provided the loan on the joint venture’s 12-story 114 Crosby Street, the lenders announced Wednesday. Loan proceeds will be used to refinance a previous $35 million acquisition loan from BridgeInvest in 2022 and to lease up the building, according to the lenders.
“While many lenders have completely written off office for new investment, Maxim will continue to participate in the New York City office recovery by backing well-designed products in desirable locations with high-quality sponsorship,” Jason Bordenick, partner at Maxim, said in a statement.
Located between Prince and West Houston streets, with an alternative address of 580 Broadway, 114 Crosby has 114,000 square feet of office space. More than 50 percent of that has been leased since marketing began in summer 2023, following property renovations, according to Maxim. Canadian outdoor brand Arc’teryx, inked a 14,000-square-foot lease for the building’s ground-floor and basement-level retail space in May 2023, Commercial Observer first reported at the time.
“114 Crosby is an iconic SoHo cast-iron building in a Triple-A location, and we are proud to be a part of its continued success,” Michael Kirchmann, CEO of GDSNY, the lending arm of GDS Brightstar, said in a statement.
Tal Seder, managing director of opportunistic investments at Sabal, said in a statement that the firm is “believers in high-quality Manhattan office and retail assets” and “will continue to seek opportunities to invest in well-located commercial real estate assets.”
Representatives for Chelsfield and Ram did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
