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Banking and FinanceDebt & Equity

125 Greenwich loan trades for $230M

Designed by Rafael Vinoly and developed by Bizzi & Partners and Vector Group, the skyscraper is nearing completion.

BH3 has completed the $230 million sale of its non-performing senior mortgage position on 125 Greenwich Street in the Financial District.

The buyer was Fortress Investment Group LLC.

BH3, a New York City-based investment management and development firm, originally paid $195 million for the loan in July 2019 in a deal through its distress-focused debt fund, in conjunction with a private equity partner.

“Distressed asset investment – both debt and equity – is our core business,” said Daniel Lebensohn, principal and co-founder of BH3.

“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 is a substantially completed 88-story, 275-unit luxury residential tower.

The project is near iconic business and leisure destinations, including Brookfield Place, the Calatrava transportation hub, and One World Trade Center to the immediate north.

BH3 was moving to foreclose on the residential building. Fortress is expected to continue the foreclosure process.

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