AB & Sons, led by investors Isaac, Eli and Abraham Chetrit, secured a $125 million refinancing for 546-548 Broadway, best known as the Soho home of popular Japanese clothier Uniqlo, sources told The Real Deal.
Wells Fargo provided the refinancing for the five-story, 95,500-square-foot property. Uniqlo, which occupies 52,500 square feet across three floors, signed a 10-year renewal in 2014.
The details of the loan package are unclear. Meridian Capital Group’s David Hayum, who brokered the financing, declined to comment, while the Chetrits could not be reached.
The property, also known as 80-82 Crosby Street, has been in the Chetrit family for more than 30 years, records show.
Isaac runs the Garment District-based investment firm with his son Abraham and his brother Eli. The company is separate from the Chetrit Group run by Joseph Chetrit, cousin of Isaac and Eli. The bulk of AB & Sons’ portfolio is in the Garment District, but it also owns a five-story office-and-retail building at 447 Broadway.
The Chetrit family has turned to Wells Fargo for loans in the past. In 2012, Isaac Chetrit and partner Ray Yadidi received a $70 million loan from the bank for their office buildings at 15 West 47th Street and 22 West 48th Street. Chetrit and Yadidi then pulled off a $130 million refinancing for those two buildings from Signature Bank in October 2015.
In addition to Uniqlo, the building on Broadway contains 15 residential rental units and four office spaces.
The location was Uniqlo’s first New York store when it opened in 2006.
Source: The Real Deal