Aurora Capital, Partners Get $120MM Refi at 600 Broadway
Iron Hound, BNY Mellon provide financing for Soho retail building
Bobby Cayre’s Aurora Capital Associates, Alex Adjmi’s A&H Acquisitions and the Chera family’s Crown Acquisitions are refinancing a six-story Soho retail building with a $120 million loan facility from Robert Verrone’s Iron Hound Management and the Bank of New York Mellon.
The 10-year line of credit will replace an existing $72.6 million mortgage on the building, located at 600 Broadway near Houston Street, provided in 2008 by the now-defunct Anglo Irish Bank and most recently acquired by SunTrust Bank last year.
The loan facility closed on Dec. 18, according to the New York Observer, with the borrowers – frequent collaborators with extensive retail holdings across the city – expected to cash out a portion of the financing and set the remainder aside for capital reserves.
The 65,000-square-foot building houses the flagship store of clothing brand Hollister Co., a subsidiary of Abercrombie & Fitch. Hollister occupies 37,600 square feet at 600 Broadway, while gym chain 24 Hour Fitness has 19,300 square feet on the upper floors.
Aurora, A&H and Crown acquired the property from Olmstead Properties for $71.4 million in 2008, according to city records.