August 2, 2019
BH3, based in Miami and New York, has purchased the $195-million non-performing senior mortgage secured by 125 Greenwich St., a substantially completed supertall residential tower in the Financial District. The firm expects to see more such opportunities in the marketplace.
“The genesis of our company stems from acquiring distressed assets, both debt and equity,” said BH3 co-founder Gregory Freedman. “Our 125 Greenwich loan acquisition is a reflection of that investment strategy.”
United Overseas Bank, which provided an initial $195-million senior loan to the luxury project’s sponsors, sold the senior debt to a BH3-affiliated entity. Before the sale, the Singapore-based lender sought to foreclose on the property, according to published reports.
BH3’s 125 Greenwich transaction was preceded by comparable deals on South Florida residential projects. “We will continue to focus on the non-performing loan investment space as we anticipate the growth of this trend in the market,” said co-founder Daniel Lebensohn.
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