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120 Spring Street

Updated Dec 3, 2025

Terrence Lowenberg & Todd Cohen Secure $18.5M Refinance Loan For Retail And Mixed-Use Properties
FINANCEDRetail

Terrence Lowenberg & Todd Cohen Secure $18.5M Refinance Loan For Retail And Mixed-Use Properties

120 Spring Street & 1384 1st Avenue

$18,500,000

$1,057/SF

Building Size

1,500 SF

Asset Type

Retail

Closing

Nov 25, 2025

About this deal

AI

120 Spring Street & 1384 1st Avenue is a retail and mixed-use property located in the SoHo and Upper East Side markets. The asset comprises a total square footage of 17,500, with 1,500 square feet dedicated to retail and 16,000 square feet assigned to mixed-use purposes. The transaction involved a loan amount of $18,500,000, categorized as a refinance.

Summary of transaction details:

The deal involved key representatives including Terrence Lowenberg and Todd Cohen from Icon Realty Management as landlords. The brokerage team from Walker & Dunlop played a significant role in facilitating the transaction, bringing together the various parties involved in securing the refinance through Webster Bank.

On the Map

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$18,500,000

$1,057/SF

Retail

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Players

Aaron Appel

Walker & Dunlop

Broker

$35.7B

vol

209 deals

Broker
Webster Bank
Webster BankLender
Terrence Lowenberg

Terrence Lowenberg

Icon Realty Management

Landlord

$305.5M

vol

17 deals

Landlord
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New York Retail Market Snapshot

Boundary boundary · Retail · Loan transactions

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Deal FAQ

About $1.1K per square foot on a published $18.5M for 17,500 square feet (2025).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.86%

Cash-on-Cash

-0.25%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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