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January 7, 2021 Comments (0) Views: 714 Downtown New York, New York News

CushWake Arranges Debt for Meatpacking Offices

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Cushman & Wakefield arranged $116 million in acquisition financing for the purchase of the leasehold interest in 860 Washington St., a 117,000-square-foot office building in the Meatpacking District.

Gideon Gil, Alex Hernandez, Lauren Kaufman and Emily Johansen of Cushman & Wakefield’s Equity, Debt & Structured Finance team arranged the loan through JP Morgan and Deutsche Bank on behalf of Meadow Partners, the buyer.

“This financing represented an exceptional opportunity for lenders, demonstrating that the combination of experienced sponsorship, longer-duration weighted-average lease terms and a rent roll of credit-worthy tenants remains very attractive to lenders,” said Gil.
A new ground lease was structured as part of the sale, allowing one of the property’s previous owners, Romanoff Equities, to retain an ownership interest.

Kevin Donner, Adam Spies, Doug Harmon, Marcella Fasulo, Michael Collins and Caroline Hill of Cushman & Wakefield’s capital markets team brokered the sale of the asset.

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