Same loan size, new lender, and a Soho office building with a long paper trail. That is the short version of what The Real Deal reported on 300 Lafayette Street.
If you lend on, buy or manage NYC office, this post walks through the refinancing, the ownership history behind it, and what operators can take from a deal that sits right next to a very different Soho story.
A note on format. Facts below come from TRD’s reporting. Anything labeled as my read or my calculation is analysis, not a claim about what any party intended.
The Deal at a Glance
Here is how TRD opens the story:
A Soho office building once owned by Elie Schwartz’s Nightingale Properties recently received a boost.
The mechanics are simple. Hudson Bay Capital Management provided InterVest Capital Partners with an $85 million loan to refinance the debt on 300 Lafayette Street, per a PincusCo report cited by TRD.
The new debt replaces a previous $85 million loan. That earlier loan was provided by InterVest itself before it took over ownership.
A Newmark team of Jordan Roeschlaub, Nick Scribani and John Caraviello represented the borrower. TRD says the deal closed roughly one month ago.
Key Facts, Side by Side
| Item | Per TRD |
|---|---|
| Address | 300 Lafayette Street, Soho |
| New loan | $85 million from Hudson Bay Capital Management |
| Borrower | InterVest Capital Partners |
| Prior loan | $85 million, provided by InterVest itself |
| Borrower’s broker team | Newmark: Roeschlaub, Scribani, Caraviello |
| Closing | Roughly one month ago |
| InterVest acquisition | May 2025, $132.5 million |
| Building size | 60,000 square feet |
| Main tenant | Microsoft, lease through late 2034 |
How the Ownership Story Got Here
The refi is the latest chapter. The earlier chapters are what make this building worth studying. TRD lays out the timeline:
- Development: Related Companies and LargaVista developed the site, which was previously home to a BP gas station. They sold the completed project for about $125 million. TRD does not give the sale year in the text.
- 2019: InterVest, then known as Wafra Capital Partners, teamed up with Nightingale to buy the leasehold that controls the property.
- 2022: The owner offered the property for sale, looking for bids of about $200 million.
- 2023: Lender TPG Real Estate Finance argued in filings that it was owed about $129 million, putting Nightingale at risk of losing the building. An InterVest affiliate stepped in to halt a foreclosure by purchasing a $143 million note.
- May 2025: InterVest acquired the property for $132.5 million. Before that, InterVest and Nightingale were partners on the leasehold.
- About one month ago: The $85 million refinance with Hudson Bay closed.
One detail to hold onto. The loan that was just replaced came from InterVest itself, and TRD reports it was provided before InterVest took over ownership. The new lender is a third party.
The Tenant Anchor
TRD reports that Microsoft occupies most of the building. The company inked a lease in 2019 for more than 60,000 square feet soon after construction concluded.
The deal runs until late 2034, with an estimated office rent of $102 to $125 per square foot, according to CoStar.
For anyone underwriting office debt, that is the part of the story to read twice. A long lease term with a single anchor is what a lender looks at first. TRD does not say what Hudson Bay weighed in its decision, so I will not guess at it.
A Back-of-Envelope Number
TRD does not report per-square-foot figures for the loan or the purchase. Here is arithmetic of my own, clearly labeled as such.
- $132.5 million purchase price divided by 60,000 square feet is roughly $2,208 per square foot (my calculation).
- $85 million loan divided by 60,000 square feet is roughly $1,417 per square foot (my calculation).
- $85 million is about 64 percent of $132.5 million (my calculation).
| Metric | Figure | Basis |
|---|---|---|
| Purchase price (May 2025) | $132.5M | TRD |
| Loan amount | $85M | TRD |
| Building size | 60,000 SF | TRD |
| Price per SF | about $2,208 | My calculation |
| Loan per SF | about $1,417 | My calculation |
| Loan as share of price | about 64% | My calculation |
Treat these as rough yardsticks. The 60,000 figure is TRD’s description of the building, and the property is controlled through a leasehold, so I would not drop these numbers into a comp set without checking the underlying documents. The ratio also compares a current loan to a 2025 price, which is not the same as a loan-to-value on a fresh appraisal. TRD does not report rate, term or valuation.
What the Reporting Does Not Say
A few gaps are worth naming, because they limit how far anyone should read into this deal.
- Rate and term: TRD does not report the interest rate, maturity or structure of the Hudson Bay loan.
- Why it was refinanced: TRD does not give a reason for the refi.
- Valuation: No current valuation is reported.
- Other tenants: Microsoft occupies most of the building. TRD does not detail the rest.
That is a short list, but it matters. A refinancing headline can read as a market signal. Without terms, it is a fact about one building.
The Soho Contrast: One Soho Square
TRD closes with a second Soho office story, and the contrast is the useful part.
Stellar Management’s $800 million mortgage on One Soho Square was recently sent to special servicing, allowing the landlord to explore a potential extension or modification.
Per TRD:
- The property’s vacancy rate has doubled over the last four years to 14 percent.
- Cash flow is running below projections.
- Major tenant Flatiron Health shows signs of a possible exit.
- The $800 million mortgage matures in approximately two years.
- The property is further backed by $120 million in mezzanine debt.
Two Soho office buildings, two very different debt pictures. At 300 Lafayette, the story is a new lender and a refinanced loan. At One Soho Square, it is special servicing and a landlord exploring options.
What NYC Office Operators Should Watch
This is my analysis, not a finding in the reporting.
- Tenant roll and lease term drive the conversation. A lease that runs to late 2034 gives lenders a long runway to look at. If you are refinancing, lead with that kind of cash-flow visibility.
- Capital stacks change hands. The prior lender here was the owner’s own InterVest. Moving to a third-party lender is a different relationship to manage, in my read.
- Patience shows up in the timeline. From the 2019 leasehold purchase to the 2023 note purchase to the 2025 acquisition, this was a multi-year sequence. Plan for long holds, not quick flips.
- Watch the maturity wall. One Soho Square’s $800 million mortgage matures in about two years. Check your own maturity dates against your leasing progress now.
- Do not generalize from one deal. One refi and one special servicing transfer do not make a trend. They are two data points.
Why This Matters Beyond One Block
For NYC CRE professionals, 300 Lafayette is a case study in how a building’s capital story can change over a few years, from a development sale to a leasehold partnership to a foreclosure threat to a refinanced asset under new ownership.
It is also a reminder to read the debt next door. Soho office has more than one story right now, and the loan documents tell you which one you are in.
Your Turn
Here is my question for the operators and lenders reading this. When you refinance office debt, what carries the most weight with your lender: lease term, anchor credit or sponsor track record?
Tell me how your shop sees it. Drop it in the comments or send me a DM.
