Starwood Provides $350M Refi for Lower Manhattan Condo Tower
By Andrew Coen April 15, 2025 11:33 am
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A joint venture between Fortress Investment Group, Bizzi & Partners and Bilgili Holding has secured a $350 million loan to refinance a nearly completed condominium tower in Manhattan’s Financial District, Commercial Observer has learned.
Starwood Property Trust provided the loan on the sponsorship’s planned 88-story the Greenwich by Rafael Viñoly project slated for completion this year at 125 Greenwich Street. The long-planned condo development broke ground in 2017 with Fortress joining as the lead equity partner in 2023 with a $285 million investment, as CO reported at the time.
“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,” Tim Sloan, co-head of real estate at Fortress Investment Group, said in a statement.
The financing was arranged by Newmark (NMRK) and Arrow Real Estate Advisors.
The Newmark team was led by Jordan Roeschlaub, Nick Scribani, Daniel Fromm and Holden Witkoff. The Arrow Real Estate Advisors team included Morris Betesh, Alex Bailkin and Matt O’Hanlon.
The Greenwich by Rafael Viñoly building will comprise 271 condos, from studios to three-bedroom units. Douglas Elliman Development Marketing is handling the sales process on an exclusive basis.
Concurrent with Fortress joining the sponsorship team in 2023, the project also received $313 million of new financing from Madison Realty Capital and Northwind Group, CO previously reported. The Fortress Investment paid down $187 million of previous debt tied to the development from Singapore-based United Overseas Bank, which had threatened to foreclose on the property in 2019.
“This transaction allows the development to be completely refinanced, with a significant rate reduction,” Betesh said in a statement. “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.”
Officials at Starwood, Bizzi & Partners and Bilgili Holding did not immediately return requests for comment. Newmark declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com
