Brooklyn Bridge.Shutterstock.

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NEW YORK CITY – FortressInvestment Group, a real estate investment management firm, hasbrought the loan on 125 Greenwich Street in the Financial Districtfor approximately $230 million from BH3, a South Florida and NewYork City-based real estate investment managementfirm. 

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The loan was a non-performing senior mortgage positioncollateralized by 125 Greenwich St. Through BH3's Debt OpportunityFund I, L.P., a distress-focused debt fund, in conjunction with aprivate equity partner, BH3 originally paid approximately $195million for the 125 Greenwich Street loan in July 2019.

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 "Distressed asset investment – both debt andequity – is our core business," said Daniel Lebensohn, principaland co-founder of BH3, in a prepared statement. "While the overallmarket remains in a state of flux, we continue to expand our debtfund to seize economic trends we've identified in specific propertysub-sectors and geographic areas. The successful 125 GreenwichStreet loan disposition resulted in substantial profits for ourfund and partners in just under seven months of ownership andfurther solidifies our investment strategy."

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Situated at Manhattan's lower tip, 125 Greenwich Street stands88-stories tall with 275 residential units that are nearcompletion. The luxury residential project is near prominentbusiness and leisure destinations, including Brookfield Place, theCalatrava transportation hub and One World Trade Center.

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"Our vast experience inacquiring, owning, prosecuting, recapturing, and disposing ofdistressed loans enables us to execute quickly on attractiveopportunities," said Gregory Freedman, principal and co-founder ofBH3, 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.