January 7, 2021
Cushman & & Wakefield arranged $116 million in purchase financing for the acquisition of the leasehold rate of interest in 860 Washington St., a 117,000-square-foot workplace building in the Meatpacking District.
Gideon Gil, Alex Hernandez, Lauren Kaufman as well as Emily Johansen of Cushman & & Wakefield’s Equity, Financial obligation & & Structured Money group organized the car loan via JP Morgan and also Deutsche Financial institution on part of Field Partners, the customer.
“This funding represented an extraordinary opportunity for lending institutions, demonstrating that the mix of seasoned sponsorship, longer-duration weighted-average lease terms and also a lease roll of credit-worthy lessees stays extremely eye-catching to loan providers,” claimed Gil.A new ground lease was structured as part of the sale, permitting among the building’s previous owners, Romanoff Equities, to maintain a possession rate of interest.
Kevin Donner, Adam Spies, Doug Harmon, Marcella Fasulo, Michael Collins and Caroline Hillside of Cushman & & Wakefield’s capital markets group brokered the sale of the possession.
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