A joint venture between Aurora Capital Associates and William Gottlieb Real Estate has sealed a $293 million loan to refinance a mixed-use asset in Manhattan's Meatpacking District, according to a release. Corebridge Financial provided the fixed-rate, permanent loan on the 158,957-square-foot building at 40 10th Avenue. The transaction matters because it signals continued lender appetite for fully leased, high-quality office properties in one of Manhattan's most supply-constrained submarkets, even as broader office-sector financing conditions remain selective.
The 2019-built property features 112,241 square feet of office space and 46,176 square feet of retail on the first two floors. The 10-story building has office tenants that include Starwood Capital Group, WestCap Management, RTW Investments, Stripes and Checkout.com, while the retail portion is occupied by Hyundai Motor. Walker & Dunlop negotiated the debt with a team consisting of Dustin Stolly, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Jordan Casella and Stanley Cayre. The prior financing provides a useful benchmark: Aurora Capital Associates and William Gottlieb Real Estate landed a $150 million loan from Deutsche Pfandbriefbank in June 2020 to refinance construction debt to build the property, as Commercial Observer first reported at the time.
The evidence for this transaction comes from a single full-text source, a Commercial Observer article published on September 18, 2026. The report is based on a release and includes a statement from Dustin Stolly, senior managing director of the capital markets institutional advisory team at Walker & Dunlop: "40 10th Avenue stands out in building quality, location and experience — all elements that differentiate a property for tenants. The fully leased office component, institutional tenant roster and substantial outdoor space demonstrate the continued demand for high-touch, well-located workplaces in New York." The article also notes that the Meatpacking District is one of Manhattan's most supply-constrained office and retail submarkets, a characterization attributed to Walker & Dunlop. Corebridge Financial, Aurora Capital and William Gottlieb Real Estate did not immediately return requests for comment, according to the report.
The refinancing carries sector-level implications for Manhattan commercial real estate. The loan amount of $293 million is nearly double the $150 million Deutsche Pfandbriefbank loan from June 2020, suggesting either increased property value, a higher leverage point, or both, though the source does not specify the loan-to-value ratio, interest rate, or term. The fully leased office component and institutional tenant roster appear to have been central to the financing narrative, reinforcing a bifurcated market where stabilized, well-located assets can still attract permanent financing while lower-quality or vacancy-challenged office buildings face more difficulty. The presence of a fixed-rate, permanent loan also indicates a long-term hold strategy by the joint venture rather than a near-term sale.
Several limitations apply to this analysis. The dossier contains only one source read in full, and key financial details are absent: the interest rate, amortization schedule, loan term, debt yield, and property valuation are not disclosed. The source does not state whether the new loan includes cash-out proceeds to the sponsors or simply replaces the prior debt. The characterization of the Meatpacking District as supply-constrained comes from Walker & Dunlop, a party to the transaction, and is not independently verified in the article. What to watch next includes any follow-up disclosure on loan terms, whether Corebridge Financial or the sponsors confirm the deal publicly, and whether comparable Meatpacking or West Chelsea office assets secure similar permanent financing in subsequent quarters.