
Newmark Secures Blackstone Loan for 570 Washington St.
Newmark arranged the financing for 570 Washington St., a luxury waterfront residential development in Manhattan’s West Village. A joint venture of Zeckendorf Development, Atlas Capital Group and The Baupost Group secured a $322-million financing package from Blackstone.
The loan proceeds will be used to fund both a portion of the land acquisition and the pre-development work for the project, which is valued at $1.25 billion. Newmark’s Jordan Roeschlaub and Dustin Stolly arranged the financing on behalf of the JV.
Encompassing a full city block, the two-tower design will rise 430 feet with Hudson River views. The project is the product of an extensive rezoning process, which was led by Atlas for the entire St. John’s Terminal site.
“We are pleased to have provided financing for the first stage of what will be an unprecedented, one-of-a-kind development,” said Michael Eglit, head of U.S. originations in Blackstone’s Real Estate Debt Strategies.
- ◦Development
- ◦Financing