Michael Shvo-led group borrows $210M from LoanCore for acquisition of office and retail property in Soho

Michael Shvo, Bilgili Holding, Deutsche Finance and German pension fund BVK through the entity BSD 530 Broadway Propco LLC as borrower signed a loan agreement with lender LoanCore Capital through the entity LoanCore Capital Markets LLC valued at $210 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 530 Broadway in Soho. The deal closed on March 3, 2020 and was recorded on March 10, 2020.
The property contains a total of 169,983 square feet of built space.
The average loan per buildable square foot is $1,235.
This is for the $382 million purchase of the property from Jeff Sutton and Joe Sitt’s Thor Equities. The prior debt was $200 million.

Over the past five years, there have been 21 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 21 renovation/alteration projects (A2) applied for with a total estimated value of $3,584,325.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link