Real Estate Weekly
Image default
Debt & EquityFeatured

60 Guilders secures $106M loan for Metrotech acquisition

60 Guilders has secured a $106 million loan from Starwood Property Trust for its acquisition of 12 Metrotech Center from Brookfield.

Cushman & Wakefield arranged the financing for the purchase of the office condominium in Downtown Brooklyn. 60 Guilders purchased the office condominium for $128 million.

A Cushman & Wakefield Equity, Debt & Structured Finance team of Gideon Gil, Lauren Kaufman, Steve Kohn and Alex Hernandez arranged the loan through Starwood Property Trust on behalf of the sponsor.

The 186,000 s/f office condo sits on the top five floors of 12 MetroTech Center and features a dedicated office lobby, while the lower 25 floors of the building are owned by the City of New York.  The five-year, interest-only loan is one of the largest office financings to close in Brooklyn since the beginning of the COVID-19 pandemic.

“This transaction represented an exceptional opportunity for lenders given the sponsorship profile, creditworthy tenants and long-term leases,” Gil said. “Despite recent uncertainty from the COVID-19 pandemic, lenders were ultimately attracted to the property’s secure cash flow, lengthy remaining lease term and best-in-class sponsorship.”

Doug Harmon, Adam Spies, Adam Doneger, Dan OBrien, Rachel Humphrey and Meaghan Philbin of Cushman & Wakefield’s capital markets team brokered the sale of the asset.

Cole Schotz P.C. represented 12MTC Owner, LLC, a joint venture between a hedge fund and Cole Schotz’s client, real estate private equity firm 60 Guilders, LLC, in connection with the acquisition.

Related posts

Pearlmark and Waterton Announce the Closing of a $53.2 million Mezzanine Debt Investment with The McBride Cohen Company for Multifamily Development in Tempe, Arizona


Northbridge Capital Sees Leasing Momentum Continue at Rebranded Suburban Office Building


The Construction Institute Honors Hoffmann Architects + Engineers with Special Industry Recognition Award