Stellar Management has captured more than $900 million in mortgage to refinance an office complex in Manhattan’s SoHo neighborhood.
Goldman Sachs created the seven-year, fixed-rate loan for Stellar’s One Soho Square property, along with Bank of Montreal and Deutsche Bank, by securitizing the $730 million senior portion of that mortgage from a 2019 CMBS) transaction.
Cushman & Wakefield’s Alexander Hernandez, Alex Lapidus, Meredith Donovan, Steve Kohn, Gideon Gil, and Adam Spies negotiated the mortgage.
Ryan S. Jackson, vice president at Stellar Management said “One SoHo Square set the example for Midtown South office by setting modern-day layouts, services, and amenities with pre-war style at the nexus of Manhattan’s most modern two 24-hour blocks – SoHo and Hudson Square,”.
The Class A property is positioned on the border of SoHo and Hudson Square, featuring 15-story One Soho Square East and 13-story One Soho Square West. Larry Gluck’s Stellar acquired the former standalone buildings dwelled at 223 Spring Street and 161 Sixth Avenue, individually for $200 million in 2012 and later combined them into a singular office development.
The office complex houses a number of corporate offices, including Aveda, Getty Images, New York Magazine, The Atlantic, and Next Model Management.