{"id":1004190217,"date":"2017-09-13T05:42:56","date_gmt":"2017-09-13T13:42:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004190217"},"modified":"2022-12-08T19:14:35","modified_gmt":"2022-12-09T03:14:35","slug":"jv-secures-73m-for-nyc-redevelopment","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jv-secures-73m-for-nyc-redevelopment\/","title":{"rendered":"JV Secures $73M for NYC Redevelopment"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<div id=\"attachment_1004190247\" style=\"width: 355px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/163-Varick-St..jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004190247\" data-attachment-id=\"1004190247\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/jv-secures-73m-for-nyc-redevelopment\/163-varick-st\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/163-Varick-St..jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"163 Varick St., Manhattan\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;163 Varick St., Manhattan&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/163-Varick-St..jpg?w=800\" class=\"wp-image-1004190247 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/163-Varick-St..jpg\" alt=\"163 Varick St., Manhattan\" width=\"345\" height=\"268\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/163-Varick-St..jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/163-Varick-St..jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/163-Varick-St..jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 345px) 100vw, 345px\" \/><\/a><p id=\"caption-attachment-1004190247\" class=\"wp-caption-text\">163 Varick St., Manhattan<\/p><\/div>\n<p>After arranging $43 million in <a href=\"https:\/\/www.commercialsearch.com\/news\/cbre-secures-43m-san-diego-acquisition-financing\/\">acquisition financing\u00a0in San Diego<\/a> for Swift Real Estate Partners&#8217; 530 B, CBRE&#8217;s Capital Markets Debt &amp; Structured Finance team secured $73.4 million for 163 Varick St., located in the Hudson Square submarket of Manhattan.<\/p>\n<p>Shawn Rosenthal, Jason Gaccione, Sunny Somaiya and Kyle Baldwin secured the loan on behalf of sponsorship, a joint venture between APF Properties and Drake Street Partners. The acquisition and construction financing was provided by SL Green and ACORE Capital.<\/p>\n<h2>Re-branding Strategy\u00a0<\/h2>\n<p>Set to be re-branded as 60 Charlton St., the asset will be redeveloped into a mixed-use Class A office building that will feature ground-level retail. The six-story, 60,000-square-foot building will be completely gutted and will add in five new steel and glass floors on top of the existing structure. The total square footage of the property will reach 100,000 square feet upon completion. Construction is set to begin in 2018.\u00a0<\/p>\n<p><em>\u201cBoth SL Green and ACORE were attracted to the unique nature of the redevelopment \u2013 what will be a new boutique office asset in a dynamic submarket \u2013 as well as the strong qualifications of the highly capable sponsor group of APF Properties and Drake Street. Within a couple of years Hudson Square will see its first best-in-class, newly constructed, boutique office building,\u201d<\/em> said Rosenthal, in prepared remarks.<\/p>\n<p><em>Image courtesy of PropertyShark<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>APF Properties and Drake Street Partners tapped CBRE to arrange acquisition and redevelopment financing for 163 Varick St. in Manhattan.<\/p>\n","protected":false},"author":746,"featured_media":1004190247,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,21783,1600,21742,10,21747],"tags":[36746,37536,32789,32895],"class_list":["post-1004190217","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-acore-capital","tag-apf-properties","tag-cbre","tag-sl-green-realty-corporation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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