WeWork Founder Adam Neumann is a minority investor in the deal
Elie Tahiri has secured $77.5 million from Mack Real Estate Credit Strategies to refinance 88 University Place, according to CO. The Union Square office building spans around 94,000 SF, and is fully leased to WeWork.
Worth Noting: The property sits between East 11th and East 12th Streets, and has a vacant retail unit.
Financing Breakdown: The new loan increases a previous $70 million transitional loan provided by the same lender. Tahiri paid $70 million for the property in 2015.