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Heng Sang lands $40M Refi for 503 Broadway

Principal Life Insurance Company provided the debt

503 Broadway (Credit: RentCafe)

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.

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