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CushWake Arranges Debt for Meatpacking Offices

Cushman & Wakefield arranged $116 million in acquisition financing for the purchase of the leasehold interest in 860 Washington St., a 117,000-square-foot office building in the Meatpacking District.

Gideon Gil, Alex Hernandez, Lauren Kaufman and Emily Johansen of Cushman & Wakefield’s Equity, Debt & Structured Finance team arranged the loan through JP Morgan and Deutsche Bank on behalf of Meadow Partners, the buyer.

“This financing represented an exceptional opportunity for lenders, demonstrating that the combination of experienced sponsorship, longer-duration weighted-average lease terms and a rent roll of credit-worthy tenants remains very attractive to lenders,” said Gil.
A new ground lease was structured as part of the sale, allowing one of the property’s previous owners, Romanoff Equities, to retain an ownership interest.

Kevin Donner, Adam Spies, Doug Harmon, Marcella Fasulo, Michael Collins and Caroline Hill of Cushman & Wakefield’s capital markets team brokered the sale of the asset.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types as well as delving into broader subject matter. He produces 15-20 daily news stories per day and also works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.

  • ◦Financing
  • ◦Sale/Acquisition
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