Walker & Dunlop has arranged a $200 million construction loan restructuring for the Prince Building, a 12-story commercial building at 568 Broadway in Soho, Manhattan. Originally completed in 1897, the structure offers a mix of office and retail space. The loan restructuring was secured on behalf of Aurora Capital Associates, working alongside Walker & Dunlop’s New York Capital Markets team. The property is located at the corner of Prince Street and Broadway.
The Prince Building features Class B office space with 12-foot ceiling spans. In total, the building yields 354,603 square feet of space, with floor plates averaging 28,000 square feet. Floors are offered to tenants in both partial-floor and full-floor configurations.
568 Broadway, via Google Maps
Building amenities include a renovated lobby with on-site attendants, 24/7 security, and a fitness center.
Transit nearby 568 Broadway includes subway stations served by the B, D, F, M, R, W, and 6 trains.
The W&D New York Capital Markets team led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Jordan Casella acted as exclusive advisors to Aurora Capital Associates to restructure their debt, providing them a solution and extending the loan term.
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I hope the new finance terms help. If this is the only debt, it’s only $600/square foot so that seems manageable if they can fill the building with paying tenants.
A most beautiful building. There are lots of businesses that don’t need or can’t afford Class A on the 70th floor.
Much nicer to work in Soho than in midtown. Plus it’s a faster commute from Brooklyn.