808 Broadway in New York city's Union Square neighborhood
NEW YORK, NY –HFF announced today that it has secured $12.5
million in financing for 808 Broadway, a 24,000-square-foot retail
condominium in New York City’s Union Square neighborhood.
 |
| Steven Klein |
HFF
worked on behalf of the borrower, SPI Holdings, LLC, to arrange the 10-year,
fixed-rate loan through RBS.
808
Broadway is a block-through, multi-story retail condominium located between
East 11th and East12th Streets just south of Manhattan’s Union Square. Originally constructed in 1920, the property
is fully leased on a long-term triple net lease to New York Costumes and was
acquired by SPI in 2008.
The
HFF team representing the borrower was led by managing director Steven
Klein.
Klein
stated that “the transaction is a reflection of the strong appetite for
Manhattan retail as a result of low vacancy rates in attractive downtown
markets such as Union Square.”
 |
| Union Square, New York City |
SPI Holdings, LLC is a real estate and private investment
company investing the capital of its principals.
SPI currently owns and
controls a portfolio of assets comprising approximately three million square
feet of institutional quality real estate as well as minority interests in
several private companies.
SPI has
focused primarily on the acquisition of core-plus real estate in high
barrier-to-entry, major, metropolitan markets.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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