111 Washington Street is an assemblage of property and air rights with plans to build a 400k+sf mixed use luxury residential project located one block from the Freedom Towers in the Fidi. Non-performing loan, Ray Cecora sourced the distressed debt/lender, advised the lender with alternative solutions, introduced the buyer, provided zoning analysis, due diligence services, facilitated the sale and arranged financing from seller/lender for the new buyer. Research into vacant property, stalled construction sites, the banks that made loans to these types of assets, and relationships assisted in the discovery of the non-performing loan status existing at 111 Washington. Experience handling these types of situations produced positive outcomes for all parties involved.
Results of the transaction: Lender was repaid, borrowers received equity for the deed and the new owner is benefiting from huge upside in land values since the purchase.
-Price: $50mm
-Buyer: Pinkstone
-Seller/Lender: New York Community Bank