Valley National Bank Provides $21M Refinance Loan For SoHo Retail Property

Located in the vibrant neighborhood of SoHo, the retail property at 495 Broadway has recently undergone a loan refinancing transaction. The property spans an impressive 20,000 square feet, offering ample space for retail operations in this popular market.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $21,000,000
• Address: 495 Broadway
• Market: SoHo
• Lender: Valley National Bank
• Landlord: WB Property Group, ACHS Management, and Aurora Capital Associates

In facilitating this refinancing, the services of JLL brokers Solomon Michailow and Max Herzog were enlisted. Their expertise and representation were valuable assets in bringing the deal to fruition.

The loan terms for this transaction include a 10-year term, with the initial few years being interest-only. The interest rate of this loan is in the high 3's, providing a favorable financial arrangement for the borrower. The refinance loan provided much-needed liquidity for the retail leasehold financing of the property, further solidifying its market position in SoHo.