60 guilders secured a $ 106 million loan to purchase Metrotech

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60 guilders received a $ 106 million loan from the Starwood Property Trust to acquire 12 Metrotech Centers from Brookfield.

Cushman & Wakefield has arranged funding for the purchase of an office condominium in downtown Brooklyn. 60 guilders bought an office condominium for $ 128 million.

The Cushman & Wakefield equity, debt and structured finance group of Gideon Gil, Lauren Kaufman, Steve Cohn and Alex Hernandez arranged the loan through the Starwood Property Trust on behalf of the sponsor.

The 186,000 square meter condominium is located on the top five floors of the 12 MetroTech Center and has a separate office lobby, while the lower 25 floors of the building are owned by New York City. The five-year interest-free loan is one of the largest funding projects for offices in Brooklyn since the start of the COVID-19 pandemic.

“This deal represents an exceptional opportunity for lenders given the sponsorship profile, tenant creditworthiness and long-term leases,” Gil said. “Despite the recent uncertainty over the COVID-19 pandemic, lenders were ultimately attracted by robust property cash flow, long remaining leases and best-in-class sponsorship support.”

Doug Harmon, Adam Spice, Adam Donager, Dan Aubrien, Rachel Humphrey and Megan Philbin of the Cushman & Wakefield Capital Markets Group mediated the sale of the asset.

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

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