iBorrow provides $97 million acquisition loan to purchase New York City's iconic American Stock Exchange Building

American Stock Exchange Building,
a 14-story, 182,510 SF structure
 built in 1921 and located
at 123 Greenwich Street
in lower Manhattan

         

 LOS ANGELES, CA — iBorrow, a nationwide private direct lender for commercial real estate, has provided a $97.1 million loan for the acquisition financing of the iconic American Stock Exchange Building, a 14-story, 182,510 SF building built in 1921 and located at 123 Greenwich Street in lower Manhattan.

 The borrower, Yucaipa, was seeking a short-term bridge loan to close the acquisition of the property, until construction financing can be secured.

 The Sponsor intends to renovate and reposition the American Stock Exchange Building as a private membership club operated by Membership Collective Group (“MCG”), the parent company to Soho House.

Brian Good

 Brian Good, iBorrow CEO, said, “New York City is rebounding from the impact of the Covid-19 pandemic.  This project encapsulates the strong and growing demand for lower Manhattan real estate as well as the demand for private membership clubs. 

"We believe our loan is at a conservative basis and are excited to align ourselves with experienced sponsors and a project positioned for success.”

 Leopold Colt

 Leopold Colt, a partner at Blackship Advisors, which provided structuring advice to the lenders on the transaction added, “We are delighted to support the continued and growing partnership between iBorrow, Yucaipa and MCG, parent company of the Soho House chain of private clubs, and to advise on the transaction of this landmark asset in New York.  

"We believe the fully renovated American Stock Exchange building will be a fantastic addition to the local market.”

  Contacts:        

Jenn Quader / Lara Sassounian

Brower Group

(949) 438-6262
lsassounian@brower-group.com