Prince Building in SoHo Lands $216M Bridge Refinancing

A joint venture that has owned one of SoHo’s best-known trophy buildings since 2012 just took on fresh debt, a sign that lenders are still willing to bet on Manhattan’s most supply-constrained retail submarket even after two straight years of CMBS stress on the same asset.

Why it matters

Walker & Dunlop arranged $216 million in bridge financing from ACORE Capital to refinance the Prince Building at 568 Broadway, the 12-story, 390,745-square-foot mixed-use office and retail property on the corner of Broadway and Prince Street. The borrower is a joint venture of Aurora Capital, Allied Partners and A&H Acquisitions, the same ownership group that has held the asset since Allied Partners first obtained a mortgage on the building in 2012. Walker & Dunlop’s Capital Markets Institutional Advisory team, led by Aaron Appel and Dustin Stolly along with Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Jordan Casella and Stanley Cayre, served as the borrower’s exclusive advisor. Stolly said “SoHo remains one of Manhattan’s most supply-constrained office and retail submarkets,” pointing to limited leasing pressure and room for rent growth.

The numbers

The new financing replaces a $200 million CMBS loan on the same building, split into a $125 million piece and a $75 million piece under CMBX 6, that hit special servicing in August 2024 ahead of an October 2024 maturity date and defaulted that November. Walker & Dunlop restructured and extended that loan in February 2025 for the ownership group, which at the time also included Midtown Equities. Occupancy had fallen to 50 percent in the first half of 2024 from 93 percent in 2022, with debt-service coverage dropping to 1.05x from 2.19x over the same stretch, according to Trepp data reported at the time. The building has since filled back up. Retail, about 70,870 square feet, is 100 percent leased to Hugo Boss, Athletic Propulsion Labs, GU and Equinox, and office tenants include Zocdoc, The Farmer’s Dog and Milk Makeup. A Reuters brief dated October 14, 2026 confirmed the $216 million figure and Walker & Dunlop’s role. We pulled the city’s PLUTO record for the property’s BBL and confirmed the current owner of record as 568 Broadway Property LLC, on a lot assessed this year at just over $55 million, built in 1897 in the SoHo-Cast Iron Historic District.

What’s next

The bridge loan gives the ownership group more time and flexibility than the CMBS structure it replaces, and a fully leased retail podium gives ACORE Capital a cleaner collateral story than the one special servicers faced in 2024. Watch whether the group uses the breathing room to sell, refinance again into permanent debt, or simply hold through a SoHo retail market that landlords and brokers both describe as tight. For more on capital moving into New York properties this fall, see our New York market coverage.