GDS Brightstar (GDSNY) has today announced that it closed on a $34.25 million loan for 76 Eighth Avenue, a 40,000-square-foot 11-story MeatPacking District boutique office building owned by G4 Capital Partners. 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 newly completed class-A boutique office building located on the corner of Eighth Avenue and 14th Street is completely leased except for one remaining floor. The ground floor retail has been leased to Wells Fargo who plans to open before year-end.
The three-year loan for 76 8th Avenue will provide the capital needed for the remaining tenant fit-out and final floor lease-up.
The black-steel framed building is at a five-way intersection at the edge of the Meatpacking District, with its trendy hotels, restaurants and retailers, and is also near such amenities as the High Line, Hudson River Park, the Whitney Museum and Chelsea Market. Tenants in the area include Google, Samsung, Tesla, Gucci, Rolex, and Apple. The location has immediate access to public transportation with the 14th Street Subway station directly in front.
