Barings Supplies $230M Refi for SoHo Mixed-Use Buildings

Northwood Investors has sealed a $230 million loan to refinance two adjacent mixed-use office and retail assets in Manhattan’s SoHo neighborhood, Commercial Observer has learned.

Barings provided the loan for Northwood’s properties at 520 Broadway and 524 Broadway, both of which were acquired in 2021 for $325 million. Jonathan Neff, managing director at Barings, originated the financing four years after Northwood received a $227 million acquisition loan from Ares Commercial Real Estate.

“We are excited to partner with Northwood Investors and to support this historic property, which we believe will continue to benefit from strong demand drivers in one of Manhattan’s most high-trafficked and iconic retail corridors,” Neff said in a statement. 

Newmark arranged the transaction with a team led by Jordan Roeschlaub and Nick Scribani. 

The 1900-built 520 Broadway inked a five-year sublease from crypto firm Artemis for 5,539 square feet in June two months after Northwood signed a more than 5,000-square-foot lease with another crypto company, MoonPay. The 11-story building also houses office tenants NoHo Hospitality Group and advertising agency LaPlaca Cohen along with Lululemon and Balthazar restaurant in ground-floor retail space. 

WeWork occupies the top five floors of the 11-story 524 Broadway. The 1902-completed building formerly housed an Aritzia clothing store on the ground floor. Both properties are near the corner of Broadway and Spring Street.

Northwood Investors and Newmark did not immediately return requests for comment.

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