Maxim Capital Group, Sabal Investment Holdings and GDS Brightstar Repaid on $4 Million Manhattan SoHo Office-Retail Loan

The borrower at 40 Crosby / 480 Broadway in Manhattan's SoHo neighborhood has successfully refinanced the property and fully repaid a $4 million senior loan, retiring debt held by GDS Brightstar — the lending platform of GDSNY — along with lending partners Maxim Capital Group and Sabal Investment Holdings, the firm announced Sept. 15.

The Deal: Senior Loan Retired at Fully Leased SoHo Asset

The repaid loan was structured as a senior facility secured by the 70,000-square-foot boutique Class A office-retail building at 40 Crosby Street, also addressed as 480 Broadway. The property is a through-lot connecting Broadway and Crosby Street in SoHo. At the time of repayment, the asset was 100% leased.

The building dates to 1873 and is historically known as the Roosevelt Building, originally designed by Richard Morris Hunt. The property has since been repositioned as a mixed-use office-retail asset, branded as The Crosby, with office floors ranging from approximately 11,201 to 11,592 square feet suited to boutique tenants or a single headquarters user. The retail component encompasses approximately 23,402 square feet across ground floor, lower level, and basement space.

Lender Consortium: GDS Brightstar, Maxim Capital Group and Sabal Investment Holdings

The loan was originated through GDS Brightstar, GDSNY's dedicated lending platform, in partnership with Maxim Capital Group and Sabal Investment Holdings. All three lenders participated as senior debt providers on the transaction. The borrower's refinancing of the property enabled the full repayment of the outstanding balance.

Prior to stabilization, the property had undergone a value-add redevelopment. In 2023, KPG Funds secured a $50 million construction loan to fund the renovation and repositioning of 40 Crosby / 480 Broadway, setting the stage for the asset's lease-up and eventual refinancing takeout.

SoHo Market Context

The loan repayment comes against a backdrop of tightening conditions in Manhattan's retail and boutique office markets. Manhattan retail availability stood at 10.4% in the second quarter of 2026, the lowest on record, while Manhattan retail vacancy was reported at 4.2% with average asking rents around $137.55 per square foot. SoHo, one of Manhattan's strongest retail submarkets, posted asking rents of approximately $385 per square foot and availability of around 11.0% in the first quarter of 2026, reflecting persistent demand for prime corridor space.

Boutique office product with smaller floor plates and mixed-use configurations has also maintained appeal in established Manhattan neighborhoods, where supply of high-quality, right-sized space remains constrained. The 40 Crosby / 480 Broadway asset's historic character, SoHo location, and mixed office-retail layout position it within that segment of the market.

Outlook

The full repayment of the senior loan marks a stabilization milestone for the asset, with the borrower having achieved full occupancy and secured replacement financing. GDS Brightstar, Maxim Capital Group, and Sabal Investment Holdings have each been repaid in full on their respective positions in the senior debt facility.

Sources: GDSNY — $40,000,00.00 Loan Paid Back to GDSNY at 40 Crosby aka 480 Broadway Boutique Office & Retail Asset