#USA #New York #GreenBarn #Sabal #817 Broadway

GreenBarn and Sabal Investment Holdings Lead Refinancing of 817 Broadway

In a significant real estate maneuver, GreenBarn Investment Group and Sabal Investment Holdings have partnered to refinance 817 Broadway, an impressive office property located in Manhattan’s vibrant Greenwich Village. This refinancing initiative involves a $37.5 million mezzanine loan and a new $91 million senior mortgage provided by Ares Real Estate Funds, marking a strategic investment to further bolster the future of this historical building.

Originally built in 1895 and renovated to preserve its original charm while modernizing various building systems, 817 Broadway stands as a 14-story, 140,000-square-foot boutique office space encompassing prime real estate at the bustling intersection of Broadway and 12th Street, just a stone's throw from Union Square. The transformation led by Taconic Partners was carefully crafted to maintain the building's heritage and attract high-profile tenants by adding modern amenities, including a new 4,000-square-foot roof terrace that provides stunning 360-degree skyline views.

Now fully leased, 817 Broadway has evolved into a thriving hub for several leading firms across various sectors, including technology, finance, and creative industries. Notable tenants such as Union Square Partners, Inspired Capital, and, most recently, Unity Technologies, are proudly housed within its walls. Adding to the allure of the building, the Italian restaurant Leon's offers a unique dining experience with flavors inspired by French and Egyptian cuisine, a noteworthy addition that opened its doors in late 2024.

David Welsh, the Founder and Managing Partner of GreenBarn, expressed enthusiasm for this partnership, highlighting, "We are pleased to partner with Taconic and Sabal to support the refinancing of this exceptional asset alongside Ares. This investment is in line with our strategy to identify and capitalize on opportunities involving top-tier assets that promise attractive risk-adjusted returns. The steadfast demand for high-quality office spaces in this area backs our belief that 817 Broadway is poised for ongoing success. We eagerly anticipate collaborating with Taconic and Sabal to enhance our investors' long-term value."

Chris Balestra, President and Chief Investment Officer at Taconic Partners, reflected on the significance of the project: "The success of 817 Broadway showcases a thoughtful development approach, breathing new life into a piece of New York’s history while delivering an exceptional experience for tenants. We're excited to partner with GreenBarn, Sabal, and Ares for this refinancing and are optimistic about the overall office market in New York City as we continue to grow our portfolio."

Contributing to this endeavor, Tal Seder, Head of Opportunistic Investments at Sabal, shared, "We are thrilled to initiate this new loan with GreenBarn Investment Group, as we focus on high-quality debt and preferred equity investments anchored by premier office assets in gateway markets. We remain confident in the enduring strength of New York City, where the fundamentals of the office market continue to show signs of steady recovery."

Experts Adam Spies and Adam Doneger from Newmark provided advisory services related to this significant transaction.

About GreenBarn Investment Group

GreenBarn, an affiliate of Rithm Capital (NYSE: RITM), operates as a highly integrated investment management firm. It capitalizes on its extensive network and industry expertise to engage in acquiring and developing real estate properties, creating real estate loans, and investing in commercial real estate credit specialties.

About Sabal Investment Holdings

Sabal focuses on identifying, underwriting, structuring, and closing opportunities in commercial real estate investments throughout the capital stack, with a diverse portfolio supported by institutional investors such as pension funds and hospitals.

About Taconic Partners

With a rich history dating back to 1997, Taconic Partners has successfully acquired, redeveloped, and repositioned over 13.5 million square feet of commercial space and 7,300 housing units while actively pursuing urban revitalization projects across New York City.

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) leads as a global alternative investment manager, offering a diverse range of investment solutions across various asset classes with a mission to generate consistent returns while supporting the growth of vital businesses for community benefit.