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Arch Refis Greenwich Village Offices with $71M Bridge Loan

Arch Companies has closed on the refinancing of 88 University Pl., an office property in Greenwich Village, with a $70.5-million bridge loan from a CIM Group-managed fund. The bridge loan was sourced by a partnership between Arch Advisors and Jonathan Aghravi and Eli Terry of JBA Equities.

The loan closing represents a positive step in the rebranding and repositioning of the asset as 88U for the ownership partnership which includes Arch Companies, Tahari Capital, and other existing partners, after a significant period of having the office space off the leasing market.

The 11-story boutique building includes 10 floors of office space across 85,000 square feet and 9,314 square feet of ground floor retail. Arch is in the process of repositioning the asset through a significant capital improvement program. Sam Seiler, Joseph Sipala and Kristen Morgan of JLL have been retained to market the vacant office space.

 

By: Paul Bubny

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