Newmark has arranged a $66.5 million refinancing for 836–838 Broadway, a boutique mixed-use office property in Manhattan’s Union Square neighborhood, on behalf of ZG Capital Partners. The new loan, provided by J.P. Morgan, replaces an existing $28.9 million financing and is secured by a fully leased asset at the corner of Broadway and East 13th Street, one block south of Union Square. The property benefits from immediate access to the Union Square transit hub and the surrounding area’s restaurant and retail offerings.
ZG Capital Partners acquired 836–838 Broadway as a vacant property in December 2021 for approximately $39 million. Since the acquisition, the firm has invested more than $20 million in a comprehensive repositioning program for the building. According to Newmark, that capital plan and attention to detail transformed the asset into what was described as a one-of-a-kind office property. The completed improvements, together with strong leasing performance, were cited as key drivers of lender interest in the refinancing process.
The financing was arranged by a Newmark debt and structured finance team led by senior managing director Daniel Fromm and director Tim Polglase, with analysts Jack Fenton and Stavros Giannakopoulos also involved in the assignment. J.P. Morgan ultimately provided the new loan, underscoring continued bank appetite for fully leased, recently repositioned office assets in established urban submarkets. While the specific loan terms were not disclosed, the new $66.5 million mortgage substantially upsizes the prior $28.9 million loan on the property.
Positioned at Broadway and East 13th Street, 836–838 Broadway sits just south of Union Square, one of Manhattan’s most active commercial and transit nodes. The property’s location provides direct connectivity to multiple subway lines and a dense concentration of retail and dining options. The combination of recent capital investment, full occupancy and a core urban location helped support the refinancing and contributed to competitive interest from lenders for the assignment.
