G4 Capital Partners has secured $34.25 million in bridge financing for the lease-up of a boutique, Class-A office building opening in Manhattan later this year.
GDS Brightstar, the lending arm of GDS Development Management, provided the loan together with Sabal Investment Holdings. The financing is a three-year loan that will fund tenant fit-out and final lease up of the project.
Located on the corner of 14th Street in Manhattan’s Meatpacking District, 76 Eighth Avenue is an 11-story office building featuring 40,000 square-feet of usable commercial space.
The ground floor retail component is already leased to Wells Fargo (WFC). Tenants within walking distance include Google, Samsung, Tesla, Gucci, Rolex, and Apple, while the famous Pastis Restaurant is together with several subway stations spread along 14th Street.
Alan Rudikoff, partner and co-founder of real estate firm GDSNY, called the building a “high-quality asset” with a “high quality sponsor” in a statement about the deal.
“The Meatpacking District is one of the premium office destinations in Manhattan for new construction offices with vacancy rates in the low single digits, well outperforming the market,” said Rudikoff.
Tal Seder, managing director of opportunistic investments at Sabal Investment Holdings, noted in his statement that the building’s location is within an intersection filled with retail, restaurants and shops.
“We are believers in high-quality Manhattan office and retail assets, and are pleased to be able to provide a flexible financing solution in conjunction with GDSNY for this exceptional asset,” said Seder.
Brian Pascus can be reached at bpascus@commercialobserver.com
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
Robert Khodadadian, skyline properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, The Commercial Observer, Retail For Lease, Commercial Observer, Commercial Office Lease
Channel, Construction, Finance, 76 Eighth Avenue, Alan Rudikoff, Tal Seder, New York City, Manhattan, G4 Capital Partners, GDS Brightstar, GDS Development Management, Sabal Investment Holdings, Wells Fargo
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