InterVest Refinances Nightingale’s Former Soho Office
A Soho office building once owned by Elie Schwartz’s Nightingale Properties recently received a boost.
Hudson Bay Capital Management provided InterVest Capital Partners with an $85 million loan to refinance the debt on 300 Lafayette Street, PincusCo reported. The debt replaces a previous $85 million loan, which was provided by InterVest itself before it took over ownership.
A Newmark team including Jordan Roeschlaub, Nick Scribani and John Caraviello represented the borrower. The deal closed roughly one month ago.
InterVest acquired the property in May 2025 for $132.5 million. Prior to that, InterVest and Nightingale were partners on the leasehold of the 60,000-square-foot building.
In 2023, lender TPG Real Estate Finance argued in filings that it was owed about $129 million, putting Nightingale at risk of losing the building. But an affiliate of InterVest stepped in to halt a foreclosure by purchasing a $143 million note.
In 2019, InterVest — then known as Wafra Capital Partners — teamed up with Nightingale to buy the leasehold that controls the property. The owner offered the property for sale in 2022, looking for bids of about $200 million.
Related Companies and LargaVista developed the site, which was previously home to a BP gas station, and sold the completed project for about $125 million.
Microsoft occupies most of the building, having inked a lease in 2019 for more than 60,000 square feet soon after construction concluded. The deal runs until late 2034, with an estimated office rent of $102 to $125 per square foot, according to CoStar.
Elsewhere on the Soho office front, Stellar Management’s $800 million mortgage on One Soho Square was recently sent to special servicing, allowing the landlord to explore a potential extension or modification.
The property’s vacancy rate has doubled over the last four years to 14 percent and cash flow is running below projections while major tenant Flatiron Health shows signs of a possible exit.
The $800 million mortgage matures in approximately two years and the property is further backed by $120 million in mezzanine debt.
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Nightingale dodges foreclosure on Soho office building
Related in contract to sell office development 300 Lafayette: sources
Stellar’s One Soho Square debt sent to special servicing
