KPG Funds Secures $50M Office Construction Loan for SoHo Office Building
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KPG Funds has secured a $50 million construction loan from Sabal Investment Holdings and GDS Brightstar for the redevelopment of 40 Crosby, a 70,000-square-foot office building in SoHo.
The project will transform the building into a boutique luxury office space called The Crosby, featuring retail space with Broadway frontage. The three-year loan will fund a full renovation, including a separate entrance on Crosby Street and high-end pre-built office space. The property will offer infrastructure, wellness amenities, and technology features. The retail space, spanning 18,000 square feet, will cater to big-box tenants.
“The demand for office space post-covid is being redefined in 2023 by landlords who provide an ultra-high-end experience for their tenants in highly desirable locations,” said KPG co-founder and CEO Greg Kraut.
KPG Funds Secures $50M Office Construction Loan for SoHo Office Building
KPG Funds Secures $50M Office Construction Loan for SoHo Office Building
[ad_1]
KPG Funds has secured a $50 million construction loan from Sabal Investment Holdings and GDS Brightstar for the redevelopment of 40 Crosby, a 70,000-square-foot office building in SoHo.
The project will transform the building into a boutique luxury office space called The Crosby, featuring retail space with Broadway frontage. The three-year loan will fund a full renovation, including a separate entrance on Crosby Street and high-end pre-built office space. The property will offer infrastructure, wellness amenities, and technology features. The retail space, spanning 18,000 square feet, will cater to big-box tenants.
“The demand for office space post-covid is being redefined in 2023 by landlords who provide an ultra-high-end experience for their tenants in highly desirable locations,” said KPG co-founder and CEO Greg Kraut.
The refinancing was arranged by Newmark.
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