KPG secures $34.5 million development loan for Greenwich Village office building
Thorofare delivered the debt package to 132 West 14e street, which according to KPG is the jewel of 14e street
NEW YORK, August 4, 2022 /PRNewswire/ — KPG funds are secure $34.5 million new debts for its efforts to straighten out a formerly occupied 62,428 square foot lot. Greenwich Village office building. Thorofare provided the debt package to refinance and provide a construction loan at 132 West 14e Rue (also known as Le’ Galeries.)
Since acquiring the seven-story office and retail building between Sixth and Seventh Avenues in 2021, in the midst of covid, KPG has prepared the building for a full transformation into a Class A office building The renovations include a new structural expansion of the building, with ceiling heights increased by 15 stories on the top two floors, a lobby, building and mechanical systems, elevators, windows and all-new facades, at the front. and rear of the property, designed by world renowned Marvel Architects.
“Like every other award-winning office building we create, La Galerie will leave the market in awe,” said Rod Kritsbergfounder and CIO of KPG Fund. “It will be completely rebuilt from the ground up with KPG’s signature luxury interiors, finishes and technology, as well as new architecturally stunning glass facades and unique rooftop amenities with uninterrupted, unobstructed views of the New York City skyline. We’re going to deliver a desktop experience that can’t be replicated.” – Rod
“Thorofare’s partnership is invaluable to us,” said Greg Krautfounder and CEO of KPG. Their confidence in the demand for the KPG brand and our ability to execute will contribute to the success of the project. The high occupancy rate in our current portfolio shows that we offer the product tenants want. We are delighted to secure another loan with one of the leading lenders in the market. -Greg
“Thorofare is delighted to have entered into our second agreement with KPG Funds this year. We strongly believe that the product they are producing, with these adaptive reuse buildings, is first class and will appeal to tenants who want to be at the heart of the New York one technical corridor. In addition, we believe they have signed a very favorable ground lease, allowing them to outperform other properties in terms of rent,” says David Perlmanmanaging director of Thorofare Capital.
A JLL team led by Aaron Niedermayer organized the financing and Cyril Derzie de Seyfarth represented the borrower, (KPG Funds).
KPG Funds, whose business model is to buy aging but architecturally significant buildings and convert their Class B and C office space into Class A buildings, had signed a 99-year ground lease in 2021 for the 132 West 14th Street with the Salvation Army, which owned the building where they had offices.
Asking rents should be north of $90 per square foot.
SOURCE KPG Funds