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ZG Capital Partners refinances Union Square office property with $66.5M loan

Newmark arranged the $66.5 million financing from J.P. Morgan, replacing a prior $28.9 million loan on the fully leased 836 to 838 Broadway property.

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ConnectCRE reports that Newmark arranged a $66.5-million loan on behalf of ZG Capital Partners to refinance 836 to 838 Broadway, a boutique, fully leased mixed-use office property in Manhattan’s Union Square neighborhood.

J.P. Morgan provided the financing, which replaces a previously secured $28.9-million loan. Senior managing director Daniel Fromm and director Tim Polglase, along with analysts Jack Fenton and Stavros Giannakopoulos, arranged the financing on ZG’s behalf.

ConnectCRE also notes that ZG acquired the vacant property in December 2021 for about $39 million and has since invested more than $20 million in a comprehensive repositioning.

Fromm said in the report that ZG Capital Partners’ investment and attention to detail helped create an office property that stands out, according to ConnectCRE.

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