Chetrit Group borrows $60M from LoanCore Capital for property in Soho

Chetrit Group through the entity The Suspenders Building LLC as borrower signed a loan agreement with lender LoanCore Capital through the entity Loancore Capital Credit REIT LLC., valued at $60 million for 1 parcel, including the tax class office building with commercial with one to six stories (O5) at 428 Broadway in Soho. The deal closed on March 27, 2020 and was recorded on April 6, 2020.
The property contains a total of 42,000 square feet of built space.
The average loan per buildable square foot is $1,429.
The debt was reduced from a high of $71 million in 2018.

Over the past five years, there have been 11 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 $1,000. There were 10 renovation/alteration projects (A2) applied for with a total estimated value of $1,980,072.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link