GDS Brightstar (GDSNY) has provided a $50 million construction loan for 40 Crosby, a 70,000-square-foot 5-story SoHo office building owned by KPG Funds to be repositioned as a boutique luxury office building with prime retail space with Broadway frontage.
Sabal Investment Holdings, the real estate investment management firm serving institutional investors, and GDS Brightstar, the real estate lending platform of New York-based GDSNY, are the lenders for the project.
The three-year construction loan will be used to give 40 Crosby a full building renovation, whilst creating a dedicated entrance on Crosby Street, providing a much-coveted address for office tenants that will commence a high-end, expansive multi-million re-purposing of the Crosby Street property.
The 11,400-square-foot office floorplates are enhanced by exquisite KPG signature design featuring up to 18′ ceiling heights, 20 oversized windows bringing in natural light, a beautiful cast-iron façade, and new management and security systems, all working to create a best-in-class product.
Offered on the lower-level and ground floor, the 18,000-square-foot retail space will be an open-space design catering to a prospective big-box tenant seeking prime location in the bustling Soho neighborhood. The efficient floorplan will allow ease of operations and be structured for open accessibility.