ZG Capital Secures $66.5 Million Loan for Restored Manhattan Office Building
New York, USA | September 30, 2026: A restored office building in Manhattan's Union Square district has secured $66.5 million in refinancing, highlighting continued lender activity in well-leased commercial properties. ZG Capital Partners obtained the financing for 836-838 Broadway, a historic six-storey building that underwent a major renovation and is now fully leased.
J.P. Morgan provided the financing, while Newmark arranged the transaction. The new loan replaces a $28.9 million loan previously provided by J.P. Morgan in 2024.
ZG Capital Secures $66.5 Million Refinancing
ZG Capital Partners has secured a $66.5 million refinancing package for its office property at 836-838 Broadway in Manhattan. The financing was arranged by Newmark, with J.P. Morgan acting as the lender.
The transaction refinances the existing $28.9 million loan provided by J.P. Morgan in 2024. The new financing follows significant investment in the building and its subsequent lease-up.
Owner Invested $20 Million in Building Renovation
ZG Capital acquired the property in 2021 for $39.3 million from Hyde Park Antiques, according to Yardi Matrix.
Since the acquisition, the company has invested approximately $20 million in repositioning the building. The work included restoring its historic red cast-iron exterior, rebuilding interiors and constructing a new core to accommodate an additional elevator.
The renovation was aimed at modernising the property while retaining its historic architectural features.
Manhattan Office Building Achieves Full Occupancy
Following the renovation completed in 2024, the property reached full occupancy. Its tenants include Hilton Hotels & Resorts, Genius AI and Legora.
Hilton signed a lease for 13,619 square feet in July 2025, occupying an entire floor. Genius AI later expanded its headquarters to approximately 27,373 square feet across the second and third floors.
Legora occupies another 27,238 square feet across the fourth and fifth floors, according to Yardi Matrix.
The tenant mix and full occupancy have helped position the building as a leased commercial asset in Manhattan's Union Square district.
Union Square Location Adds to Property's Appeal
The six-storey property is located at 836-838 Broadway, one block from the 14th Street-Union Square subway station. Union Square Park is within walking distance, while the Flatiron Building is approximately half a mile away.
Its access to public transportation, offices and nearby commercial destinations provides tenants with connectivity to several parts of Manhattan.
Newmark Arranges Financing for the Property
Newmark's financing team included Senior Managing Director Daniel Fromm, Director Tim Polglase and analysts Jack Fenton and Stavros Giannakopoulos.
The refinancing follows the property's acquisition, substantial renovation and leasing progress. However, the loan's interest rate, maturity and other financial terms have not been disclosed.
What the Deal Means for Manhattan's Office Market
The refinancing illustrates how renovated and fully leased office buildings can attract financing even as investors continue to assess commercial property risks.
For property owners, the transaction highlights the potential role of capital improvements and tenant occupancy in refinancing an existing asset. However, the terms of individual financing deals depend on factors such as rental income, property valuation, debt structure and lender requirements.
What Happens Next
With the refinancing secured and the building fully leased, ZG Capital has completed another major financing step for the property. The transaction also provides a recent example of lending activity involving a renovated Manhattan office building.
The longer-term performance of the asset will depend on tenant retention, rental income and operating costs.