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$34,050,000 CapEx, TI & LC Financing
New York, NY | August 2022
Thorofare Capital has funded a $34,050,000 short-term, floating rate bridge loan for Le Gallerie in New York City’s Greenwich Village neighborhood. Le Gallerie is located on 14th Street between 6th and 7th Avenues in Manhattan within walking distance to many prominent locations including Union Square, the Meatpacking District, the West Village, and Google’s East Coast Headquarters.
The interest-only, leasehold mortgage proceeds will be utilized to fund an extensive renovation of the 59,278 square foot mixed-used property, which consists of 4,000 SF of basement retail, 5,448 SF of ground floor retail, and 49,830 square feet of office space.
The elevator bank and the two stairwells are being located to the side walls and away from the front windows, adding additional rentable square feet on the window line. The sponsor plans to transform the office and retail office property with a new structural expansion featuring enlarged 15-foot ceiling heights on the top two floors along with a new façade, a new lobby and fully functional roof deck.
The structured financing carries an initial term of 24 months, as well as a performance-based extension options and a flexible prepayment window after the first anniversary of closing.
The sponsor is a local, vertically integrated real estate private equity platform. The sponsors have a combined 50 years of combined experience in commercial real estate and manage a series of discretionary institutional vehicles targeting middle market, value-add office investments.