Bank of New York Mellon (BNY Mellon) has provided a $120 million financing on a Beaux-Arts style retail building in the NoHo district in Lower Manhattan.
The bank provided the loan to an affiliate of the Newmark Holdings real estate company, city record show.
The refinancing pays off a $53 million remaining principal balance on the 740 Broadway building from a previous loan MidFirst Bank provided in May 2008 and includes a new $67 million gap mortgage.
The 317,000 sq ft, 12-story office building sits at the intersection Astor Place in NoHo district of Manhattan. The borrower and architecture firm 590BC filed an application to replace the entrance at the historic loft building this month, records also show.
Newmark purchased the property in April 1998, while the loft style building was designed by Francis H. Kimball and built in 1910-12.
Other recent financings in the neighborhood include Helaba Bank providing a $42 million financing on a new 12-story development in NoHo to Marymount Manhattan College for student dormitories this May; and Bank of the Ozarks provided a $58m construction loan on development of One Great Jones Alley.