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Circle F Capital and Rockfeld Group have secured $60 million to refinance their debt on 400 West 14th Street, a five-story mixed-use office and retail space in the heart of Manhattan’s Meatpacking District.
Goldman Sachs (GS) provided the financing. Newmark (NMRK)’s Jordan Roeschlaub, Dustin Stolly and Daniel Fromm arranged the refinancing. The terms of the loan were not disclosed.
Located on the corner of Ninth Avenue and 14th Street, the 112-year-old property has recently undergone a multimillion-dollar renovation to bring it up to par with competitive buildings in the thriving shopping and nightclub district.
Together with the refi, the sponsorship group previously executed a 10,000-square-foot ground-floor lease with international fashion giant Gucci that also includes the second-floor space and the use of the building’s rooftop billboard. The owners also signed a long-term lease with Barry Callebaut USA, the gourmet chocolate manufacturer, to reside on the fifth floor, according to Newmark.
The two credit tenant leases position the building well for strong future cash flow over the next decade.
Circle F Capital, a third-generation firm led by Chairman Gary Feldman, has owned and developed property in New York City for decades. Its portfolio includes 200 East 16th Street, a 20-story, prewar residential building in Gramercy; 301 West 125th Street, a multistory department store in Harlem; 335 Broadway, an office space in Tribeca; as well as several residential developments in Harlem and Long Island City, Queens.
Rockfeld Group, a fourth-generation real estate firm managed by Steven Feldman, has completed more than 1 million square feet of office and retail repositioning since being founded in the 1930s. Rockfield and Circle F Capital previously teamed up at 301 West 125th Street, 335 Broadway, 200 East 16th Street and 112-118 West 125th Street.
Neither Circle F Capital nor Rockfeld Group responded to a request for comment. Goldman Sachs did not respond.
Brian Pascus can be reached at bpascus@commercialobserver.com
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