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NEW YORK CITY – Fortress Investment Group, a real estate investment management firm, has brought the loan on 125 Greenwich Street in the Financial District for approximately $230 million from BH3, a South Florida and New York City-based real estate investment management firm.
The loan was a non-performing senior mortgage position collateralized by 125 Greenwich St. Through BH3's Debt Opportunity Fund I, L.P., a distress-focused debt fund, in conjunction with a private equity partner, BH3 originally paid approximately $195 million for the 125 Greenwich Street loan in July 2019.
"Distressed asset investment – both debt and equity – is our core business," said Daniel Lebensohn, principal and co-founder of BH3, in a prepared statement. "While the overall market remains in a state of flux, we continue to expand our debt fund to seize economic trends we've identified in specific property sub-sectors and geographic areas. The successful 125 Greenwich Street loan disposition resulted in substantial profits for our fund and partners in just under seven months of ownership and further solidifies our investment strategy."
Situated at Manhattan's lower tip, 125 Greenwich Street stands 88-stories tall with 275 residential units that are near completion. The luxury residential project is near prominent business and leisure destinations, including Brookfield Place, the Calatrava transportation hub and One World Trade Center.
"Our vast experience in acquiring, owning, prosecuting, recapturing, and disposing of distressed loans enables us to execute quickly on attractive opportunities," said Gregory Freedman, principal and co-founder of BH3, in a prepared statement.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
