[NYguy]

https://therealdeal.com/2023/02/01/l...ith-313m-loan/

125 Greenwich is back in the game: Supertall condo lands financing
Northwind provides $313M loan; Fortress comes aboard
New York


Feb. 01, 2023
By Keith Larsen

A stalled supertall condo project at 125 Greenwich Street, one of the most hotly anticipated skyscrapers until it was mired in financing complications, is ready for its comeback.

Bizzi & Partners and Fortress Investment Group secured a $313 million loan from Northwind Group, The Real Deal has learned, to resume construction at 125 Greenwich Street after threats of foreclosure and partnership disputes delayed the 88-story tower for years.

Northwind’s loan replaces an existing one issued by Fortress, which will convert its debt into equity and become the property’s new majority investor. Fortress will also add additional money into the project, according to a source familiar with the matter, and will replace former partners Howard Lorber’s New Valley and Chinese private equity firm Cindat.

The building, designed by Rafael Viñoly, is 85 percent complete. In addition to its rounded corners and units with floor-to-ceiling windows, the project is unique in that it plans to use the top three floors for luxury amenities rather than penthouses. Douglas Elliman is leading sales and marketing.

With financing in place and a partner with deep pockets, Bizzi hopes to rebrand the project and relaunch sales this year. It would be a comeback a decade in the making.

The condo tower was meant to be Lower Manhattan’s answer to Harry Macklowe and CIM Group’s Viñoly-designed 432 Park Avenue in Midtown, which was completed in 2015.

Instead, it came to symbolize many of the issues facing the city’s then-oversaturated condo market.