AEW Capital signs $59.9M acquisition loan with Ares Commercial to buy office building in Soho

AEW Capital Management through the entity 60 Charlton, LLC as borrower signed an acquisition loan with lender Ares Commercial Real Estate through the entity Acrc Lender LLC valued at $59.9 million for the office building (O6) at 60 Charlton Street also known as 163 Varick Street in Soho, Manhattan.
The deal closed on July 9, 2021 and was recorded on July 28, 2021.
The property has 88,480 square feet of built space and 0 square feet of additional air rights for a total buildable of 75,000 square feet according to PincusCo analysis of city data. The loan price per built square foot is $676 per the PincusCo analysis.

The signatory for AEW Capital Management was Daniel J. Bradley.
Over the past five years, there have been 15 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $18.3 million. There were 14 renovation/alteration projects (A2) applied for with a total estimated value of $1.1 million. One of the projects were to change the building from a COM to a B and were permitted on February 7, 2019.

Within a 400-foot radius of 163 Varick Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
One of those two items was a sale which Claremont Companies bought the 52,155-square-foot, one-unit hotel (H2) on 181 Varick Street for $59.4 million from Hok Kit Lou on November 18, 2019.
One of those two items was a loan which Claremont Companies borrowed $35 million from Thrivent Financial For Lutherans secured by the 52,155-square-foot, one-unit hotel (H2) on 181 Varick Street on November 18, 2019.

Direct link to Acris document. link