Stalled Downtown Manhattan Condo Project Back on Track with $313M Financing
A supertall residential development at 125 Greenwich St. in Lower Manhattan, stalled for years due to financing complications, is back on the road to completion. Real estate private equity firm Northwind Group provided a $313-milion first mortgage completion-to-condo-inventory loan to a joint venture of Fortress Investment Group, Bizzi & Partners and U.S. Immigration Fund, LLC.
“We were able to curate an intricate financing solution that will allow the Sponsor to complete this one-of-a-kind asset,” said Ran Eliasaf, founder and managing partner of Northwind Group. “This project will be transformative for Lower Manhattan.”
The 88-story, 912-foot-tall building, which has topped out, will be constructed by Time Square Construction in a JV with Plaza Construction. The project will be renamed and will be marketed by Douglas Elliman.
Walker & Dunlop’s New York Capital Markets team, including Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Michael Diaz, arranged the financing.