InterVest Capital Partners has successfully concluded an $85 million loan to refinance a mixed-use office and retail property. This property is located in Manhattan's SoHo district and is largely leased to Microsoft. Hudson Bay Capital provided the loan for the seven-storey building at 300 Lafayette Street.
Microsoft occupies the entire 63,000 square feet of office space, spanning floors two to seven of the property, which was completed in 2019. The building was designed by COOKFOX. A long-term lease agreement with Microsoft for the office component was signed in March 2019, shortly before construction was finalised.
Attractive Boutique Product in Lower Manhattan
Newmark negotiated the financing with a team comprising Jordan Roeschlaub, Nick Scribani, John Caraviello, and Ryan Bub. Nick Scribani commented that 300 Lafayette Street represents an outstanding boutique product in Lower Manhattan. He emphasised that lender interest was deep and competitive.
The property features 19,028 square feet of retail space on the ground floor and basement, leased to tenants such as Neko Health, New Era, and Goldwin. Rob Rothschild, Managing Director and Head of Real Estate at InterVest Capital Partners, highlighted that buildings of this kind are almost impossible to replicate at today's replacement costs. This financing reflects the strength of the property and its tenancy.
Key Participants and Details
- —**Lender:** Hudson Bay Capital
- —**Borrower:** InterVest Capital Partners
- —**Property:** 300 Lafayette Street, SoHo, Manhattan
- —**Anchor Tenant:** Microsoft (63,000 sq ft office space)
The refinancing underscores the continued appeal of high-quality properties with strong tenants in prime locations. Hudson Bay Capital declined to comment on the transaction.
