GreenBarn Investment Group and Sabal Investment Holdings Lead Refinancing of 817 Broadway in Manhattan
NEW YORK, Oct. 22, 2025 /PRNewswire/ -- GreenBarn Investment Group ("GreenBarn") and Sabal Investment Holdings ("Sabal") today announced their partnership in the refinancing of 817 Broadway, a premier office property in the Greenwich Village sub-market of Manhattan, through the origination of a $37.5 million mezzanine loan, alongside a new $91 million senior mortgage from Ares Real Estate funds ("Ares").
Owned and developed by Taconic Partners ("Taconic"), 817 Broadway is a 14-story, 140,000-square-foot, Class A, boutique office building at the corner of Broadway and 12th Street in heart of Greenwich Village, just two blocks from Union Square. Originally constructed in 1895, Taconic delivered an extensive renovation that preserved the building's historic character while adding upgraded building systems, a restored façade, and high-end tenant amenities, including a brand-new, 4,000-square-foot roof terrace with a 360-degree view of the skyline.
Now fully leased, 817 Broadway has become a hub for leading venture capital, creative, technology and financial firms, with tenants including Union Square Partners, Inspired Capital, and, most recently, Unity Technologies. The building also features Leon's, a popular and celebrated Italian restaurant with French and Egyptian influences that opened in late 2024.
"We're pleased to partner with Taconic and Sabal to support the refinancing of this exceptional asset alongside Ares," said David Welsh, Founder and Managing Partner of GreenBarn Investment Group. "This investment aligns with our strategy to identify and execute on opportunities in best-in-class assets that offer attractive risk-adjusted returns. Demand for high-quality office space in the area remains strong, and 817 Broadway is well positioned for continued success. We look forward to working closely with Taconic and Sabal to enhance the property's long-term value for our investors."
"The success of 817 Broadway is a testament to a thoughtful development approach that revived a piece of New York's history and delivered an exceptional tenant experience," said Chris Balestra, President and Chief Investment Officer, Taconic Partners. "Taconic is pleased to refinance this property with GreenBarn, Sabal and Ares, and is bullish on the overall office market in New York City as we actively seek to add to our portfolio."
"We're delighted to originate this new loan in partnership with GreenBarn Investment Group, as we continue to target high-quality debt and preferred equity investments backed by best-in-class office assets in gateway markets," said Tal Seder, Head of Opportunistic Investments at Sabal. "We remain confident in the long-term strength of New York City, where office market fundamentals continue to show steady improvement."
Adam Spies and Adam Doneger of Newmark acted as advisors in connection with this transaction.
About GreenBarn
GreenBarn Investment Group, an affiliate of Rithm Capital (NYSE:RITM), is a vertically-integrated investment management firm that utilizes its extensive network and industry experience to acquire and develop real estate assets, make and invest in real estate loans, and invest in CRE credit special situations.
About Sabal
Sabal Investment Holdings ("Sabal") identifies, underwrites, structures and closes commercial real estate investment opportunities throughout the capital stack. Sabal's funds are organized in three series: the Debt Opportunities Fund series; the Strategic Opportunities Fund series; and the Lending Solutions program, and its institutional investors include pension funds, endowments, foundations, insurance companies, and hospitals. For more information regarding Sabal, visit www.sabal.com.
About Taconic Partners
Since 1997, Taconic Partners has acquired, redeveloped and repositioned over 13.5 million square feet of commercial office and mixed-use space, as well as over 7,300 units of luxury and workforce housing. As a fully integrated real estate company with a keen eye for uncovering value, its diverse capabilities are evidenced by its multifaceted success with luxury properties, as well as adaptive reuse and urban revitalization projects. In New York City, Taconic is currently developing the Hudson Research Center, West End Labs, 817 Broadway, The Ellery, Miramar, and Essex Crossing, among others. The firm also manages various real estate funds on behalf of institutional and pension fund investors. For more information, visit www.TaconicPartners.com.
About Ares Management Corporation
Ares Management Corporation (NYSE:ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders' long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of June 30, 2025, Ares Management Corporation's global platform had over $572 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.
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SOURCE GreenBarn Investment Group
