80 Wooster Street, New York
This mix use retail and residential coop sits in the heart of SOHO, just steps away from Spring Street. The first of 16 artists’ coops started by George Maciunas, founder of the Fluxus art movement. The Fluxhouse Coop II spurred the development of SoHo and the spread of worldwide loft conversions. The building is currently positioned in heart of the luxury retail shopping district.
The $20,200,000 non-recourse refinance arranged by Excel enabled the borrower to acquire the retail coop at an 80% Loan to Value, fund the remaining costs needed to lease and build out the space, and provide additional liquidity for ownership, all at an attractive 3.0% spread over monthly LIBOR.