Whipple of Cushman & Wakefield closes $2.3 million loan in SoHo; For retail/residential property at 216 Lafayette Street

Cushman & Wakefield has closed on a $2.3 million permanent loan for 216 Lafayette St., a retail and residential property facing Lafayette Sq. in SoHo. The five-year loan closed with a fixed-rate coupon in the mid-3% range. The loan, arranged by Cushman & Wakefield's Bruce Whipple, replaced a short-term bridge loan. The retail space will become expansion space for Osteria Morini, a high-end Italian restaurant owned and operated by Altamarea Group. Construction for the tenant improvements for the restaurant had been delayed for approximately three years while they worked to secure permits to operate in this location and to obtain a liquor license. "The fact that the restaurant paid rent while it slowly proceeded with construction for approximately three years as it sought approvals from the Community Board, New York City Department of Buildings and the New York State Liquor Authority, made lenders pause," said Whipple. "The bank that closed the loan recognized the value of the property far exceeded the loan amount."