Walker & Dunlop arranges $216M bridge refinancing for 568 Broadway with ACORE Capital

Walker & Dunlop arranged $216 million in bridge financing to refinance 568 Broadway, a 12-story, 390,745-square-foot mixed-use property in Manhattan's SoHo, with ACORE Capital funding the loan, Connect CRE reported.

The firm's Capital Markets Institutional Advisory team served as exclusive advisor to a joint venture of Aurora Capital, Allied Partners and A&H Acquisitions. Aaron Appel, Dustin Stolly, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Jordan Casella and Stanley Cayre arranged the financing.

Retail accounts for about 70,870 square feet, roughly 18% of the building, and is fully leased to Hugo Boss, Athletic Propulsion Labs, GU and Equinox. Office space is leased to tenants including Zocdoc, The Farmer's Dog and Milk Makeup. Stolly said limited large-block inventory and minimal new competitive supply in SoHo limit competitive leasing pressure while supporting rent growth and occupancy durability.

ACORE has been active this month. PRED's records list the firm at $18.3 billion in registered assets under management as of Oct. 10, and the Daily Network reported a $71.25 million construction loan for North Palisade's Santee industrial project on Oct. 6.

Manhattan office leasing rose 2.3% through the third quarter, with vacancy at 12.6% and direct asking rents of $84.56 a square foot, per JLL data cited by IREI.