Trinity Place Holdings Refinances 77 Greenwich Street for $167M
Trinity Place Holdings secures $167M refinancing for mixed-use property at 77 Greenwich Street in the Financial District, Manhattan.
Trinity Place Holdings (NYSE: TPHS) has secured a $167M refinancing deal for its mixed-use property at 77 Greenwich Street in the Financial District, Manhattan. The loan was provided by Jackie Hamilton of Macquarie Capital and arranged by brokers Geoff Goldstein, Steve Klein, and Alex Staikos of JLL.
The property, which spans 146,000 square feet and includes 90 units, is a luxury condominium building that also features retail space on the ground floor. The building was completed in 2020 and has been well-received by buyers, with over 70% of the units sold as of September 2021.
Trinity Place Holdings acquired the property in 2014 and has since developed it into a high-end residential and retail destination. The refinancing deal will allow the company to continue its growth strategy and invest in other projects.
The loan terms for the refinancing deal are not publicly disclosed, but it is known to be a condominium inventory financing deal. This type of financing is typically used to provide developers with capital to complete construction and sell units in a condominium building.
Trinity Place Holdings is a real estate investment trust (REIT) that specializes in the acquisition, development, and management of commercial and residential properties in the New York City area. The company has a portfolio of properties that includes office buildings, retail spaces, and luxury residential properties.
Macquarie Capital is the corporate advisory, capital markets, and principal investment arm of Macquarie Group, a global financial services provider. The company provides a range of financial services to clients in various industries, including real estate.
JLL is a leading professional services firm that specializes in real estate and investment management. The company provides a range of services to clients in the commercial and residential real estate sectors, including brokerage, property management, and investment advisory services.