KPG Funds Acquires Office Building In SoHo For $65M Loan
155 Spring Street, New York City, New York 10012, United States
$65,000,000
$541/SF
Building Size
120,000 SF
Asset Type
Office
Closing
Jan 13, 2022
About this deal
AI
Two properties in SoHo, located at 155 Spring Street and 40 Crosby, have been involved in a recent transaction. The office buildings cover a total of 120,000 square feet and are situated in the sought-after SoHo market.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $65,000,000
- Lender: Thorofare Capital & Brightspire
- Landlord: KPG Funds
- Brokers: Dustin Stolly, Jordy Roeschlaub, Chris Kramer, Daniel Fromm, and Nick Scribani from Newmark
- Loan Type: Acquisition
The loan, in the amount of $65,000,000, was secured from Thorofare Capital and Brightspire for the acquisition of the properties. KPG Funds, the landlord, facilitated the transaction.
The deal was brokered by Dustin Stolly, Jordy Roeschlaub, Chris Kramer, Daniel Fromm, and Nick Scribani from Newmark. Their expertise and negotiation skills were instrumental in closing this transaction.
Players
New York Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93