Northwood Investors signs $228.6M refi with Barings for SoHo retail, office

Northwood Investors through the entity Nw 520 Soho LLC as borrower signed a refi loan with lender Barings through the entity Barings LLC valued at $228.6 million for two office and retail properties including the building (O6) at 524 Broadway and the adjacent building (O6) at 520 Broadway in SoHo, Manhattan.
The deal closed on September 4, 2025 and was recorded on September 10, 2025. The prior lender was Ares Management which held debt that had an original loan amount of $227.1 million.The two properties have 191,872 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $1,191 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The Commercial Observer reported on the transaction previously.
The signatory for Northwood Investors was Nathan Hagerman . The signatory for Barings was Anthony Soldi .

Prior sales and revenue

The two properties with a total of 191,872 square feet of built space generated revenue of $38.3 million per year or $200 per square foot.

The property

The office building in SoHo has 191,872 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 51 feet and is 200 feet deep with a total lot size of 12,372 square feet. The lot is irregular. The property is in the SoHo-Cast Iron Historic District.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $4,505 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In SoHo, The bulk, or 46 percent of the 9.5 million square feet of commercial built space are office buildings, with mixed-use buildings next occupying 14 percent of the space. In sales, SoHo has 2.8 times the average sales volume among other neighborhoods with $805.3 million in sales volume in the last two years and is the 14th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 431,690 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On the tax block of 524 Broadway, PincusCo has identified the owners of five of the 10 commercial properties representing 242,014 square feet of the 406,426 square feet. The largest owner is Northwood Investors, followed by Pontegadea and then Thor Equities.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 406,426 square feet of built space are office buildings, with retail buildings next occupying 40 percent of the space.

The borrower

The PincusCo database currently indicates that Northwood Investors owned at least three commercial properties in New York City with 519,638 square feet and a city-determined market value of $296.6 million. (Market value is typically about 50% of actual value.) The portfolio has $447.6 million in debt, borrowed from Ares Management and Mesa West Capital. Within the portfolio, all identified are office properties. They are all located in Manhattan.

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