Funds managed by affiliates of Fortress Investment Group, Bizzi & Partners and Bilgili Holding secured $350 million in financing for The Greenwich by Rafael Viñoly, a 272-unit residential condominium tower at 125 Greenwich St. in Lower Manhattan. The lender was Starwood Property Trust.
“Starwood Property Trust’s entry into the deal and their extensive real estate experience will create an even stronger group backing The Greenwich by Rafael Viñoly, and we’re delighted to work with their team again,” said Tim Sloan, co-head of real estate at Fortress.
Newmark and Arrow Real Estate Advisors advised on the loan. The Newmark team included co-president of Global Debt and Structured Finance Jordan Roeschlaub, vice chairman Nick Scribani, senior managing director Daniel Fromm and associate director Holden Witkoff. The Arrow team included founder and managing partner Morris Betesh, SVP Alex Bailkin and senior associate Matt O’Hanlon.
“This transaction allows the development to be completely refinanced, with a significant rate reduction,” said Betesh. “We are proud to play a role in advancing one of Rafael Viñoly’s final architectural masterpieces and shaping the future of luxury living in Downtown Manhattan.“
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