Principal Life Insurance Company provided the debt
Heng Sang Realty Corp has secured $60 million from Principal Life Insurance Company to refinance the office portion of 503 Broadway. The SoHo property spans 129,847 square feet of office space.
Financing Details: The mortgage replaces a $55 million loan provided by Ladder Capital in 2014. The package also includes a $5 million gap mortgage, TRD reported.
Worth Noting: The retail condo is owned by Zara (Inditex). They paid $280 million for the 47,000 square-foot space in 2015.