Morgan Stanley and UBS have provided $200 million in loans to Wharton Properties for the refinance of a new commercial property at 529 Broadway in the SoHo neighborhood of Manhattan.
The financing in part takes out previous loans from Deutsche Bank made in 2014 and 2015, city property records show.
An affiliate of Nike Corporation signed a lease on a portion of the property in March this year, records also show. The company was reportedly building the interior of its new 61,000 sq ft store as of May.
An affiliate of Wharton Properties purchased the SoHo historic district property for $146.9 million from Goldstone Realty in December 2012. The plan to demolish the previous building, a warehouse built in 1936, and construct a new building won approval in September 2013, according to the city Landmarks Preservation Committee. BKSK Architects designed the new six-story retail structure.
Morgan Stanley held $2.18 billion in US real estate loans as of June 30, 2016, according to its latest SEC filing. Earlier this year, Morgan Stanley teamed up with Blackstone to provide a $335 million acquisition loan to HNA Capital and MHP Real Estate Services for the acquisition of another Manhattan property at 850 Third Avenue in midtown.
This summer, a fund managed by UBS partnered with Becknell Industrial to secure a $250 million loan for the acquisition of a US industrial portfolio.
UBS declined to comment, while Morgan Stanley, Nike and Wharton did not respond to requests for comment.
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