{"id":1004721837,"date":"2024-07-19T06:29:38","date_gmt":"2024-07-19T14:29:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004721837"},"modified":"2024-07-19T06:29:39","modified_gmt":"2024-07-19T14:29:39","slug":"ram-holdings-jv-obtains-50m-for-manhattan-office-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ram-holdings-jv-obtains-50m-for-manhattan-office-building\/","title":{"rendered":"RAM Holdings JV Obtains $50M for Manhattan Office Building"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/7162.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"800\" data-attachment-id=\"1004721840\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/ram-holdings-jv-obtains-50m-for-manhattan-office-building\/attachment\/7162\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/7162.jpg\" data-orig-size=\"640,800\" 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;\\u00a9 Yardi Systems, Inc.&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;0&quot;}\" data-image-title=\"580_Broadway_Chelsfield_RAM\" data-image-description=\"&lt;p&gt;Property at 580 Broadway, Manhattan, N.Y.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;114 Crosby St., also known as 580 Broadway, debuted in 1898. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/7162.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/7162.jpg?w=640\" alt=\"Property at 580 Broadway, Manhattan, N.Y.\" class=\"wp-image-1004721840\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/7162.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/7162.jpg?resize=240,300 240w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><figcaption class=\"wp-element-caption\">114 Crosby St., also known as 580 Broadway, debuted in 1898.<em> Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>The joint venture between Chelsfield Group and RAM Holdings has obtained a $50 million refinancing loan for 114 Crosby St., a 12-story, 114,000-square-foot Class A office building in Manhattan. Maxim Capital Group, Sabal Investment Holdings and GDS Brightstar provided the note.<\/p>\n\n\n\n<p>The partnership purchased the property from Broad Prince Realty two years ago, through a 99-year ground lease arranged by The Anton Group. The two companies paid $50.3 million and BridgeInvest provided a $35 million acquisition loan. <\/p>\n\n\n\n<p>After the closing, the new owners fully renovated the <a href=\"https:\/\/www.commercialsearch.com\/news\/capital-ideas-the-case-for-vintage-office-properties\/\">1898-built office asset<\/a> also known as 580 Broadway. Upgrades included an overhaul of the property\u2019s systems and a refurbishment of the lobbies. <\/p>\n\n\n\n<p>Including prebuilds and build-to-suit layouts, the property has 13-foot ceilings and 11,411-square-foot floorplates. The all-electric building features 40 workstations, three private offices, 24 agile workplaces, four conference rooms, as well as six private booths and a 275-square-foot kitchen area. Amenities include a roof terrace and bike storage, to name a few.<\/p>\n\n\n\n<p>Luxury outdoor apparel brand Arc\u2019teryx has leased ground-floor and lower-level retail space totaling 14,400 square feet, with plans to open a coffee shop as well. Since the office property\u2019s marketing program launched last year, more than half of the building has been leased.<\/p>\n\n\n\n<p>The property is within walking distance of the Prince Street subway station, as well as several bus stops. Multiple upscale dining options and quick-service restaurants are also nearby.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-looming-office-debt-spurs-large-manhattan-deals\">Looming office debt spurs large Manhattan deals<\/h2>\n\n\n\n<p>A recent <a href=\"https:\/\/www.commercialsearch.com\/news\/office-debt-the-underwater-mountain\/\">special report on office debt maturity<\/a> revealed that approximately $615 billion in loans are expected to mature over the next five years in the office market at a national level. Despite the cumbersome <a href=\"https:\/\/www.commercialsearch.com\/news\/interest-rates-remain-the-same-what-will-2024-bring\/\">CRE interest rates<\/a>, refinancing deals still close.<\/p>\n\n\n\n<p>Last month, <a href=\"https:\/\/www.commercialsearch.com\/news\/brookfield-lands-750m-for-lower-manhattan-tower\/\">Brookfield Properties secured $750 million<\/a> for the refinancing of One Liberty Plaza, a 2.3 million-square-foot office high-rise less than 2 miles away from 580 Broadway. Morgan Stanley issued the note alongside multiple other lenders.<\/p>\n\n\n\n<p>Another large refinancing transaction closed in April. L&amp;L Holding Co. <a href=\"https:\/\/www.commercialsearch.com\/news\/ll-holding-lands-911m-refi-for-manhattan-tower\/\">landed $911 million<\/a> for 425 Park Ave. Sumitomo Mitsui Trust Bank provided the loan for the 47-story Manhattan office tower.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Maxim Capital Group, Sabal Investment Holdings and GDS Brightstar provided the loan.<\/p>\n","protected":false},"author":3471,"featured_media":1004721841,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37753,1600,21742,10,21747],"tags":[39498,51496,52063],"class_list":["post-1004721837","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research-center-finance","category-new-york","category-latest","category-northeast","category-office","tag-bridgeinvest","tag-gdsny","tag-sabal-investment-holdings"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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