Fortress, Bizzi, Bilgili sign $350M loan with Starwood, of that $280M secured, at FiDi condo tower

Fortress Investment Group, Bizzi & Partners, and Bilgili Holding through the entity 125 Greenwich Owner LLC as borrower signed a refi loan with lender Starwood Property Trust through the entity Starwood Property Mortgage BC, L.L.C. valued at $350 million for the 272-unit residential condominium elevator building (D8) at 125 Greenwich Street, with an alternate address of 22 Thames Street, in the Financial District, Manhattan. Of that total, $280 million was recorded with city property records. Starwood then assigned that $280 million loan to an entity in care of Madison Realty Capital, 125 Greenwich ST MA LLC.
The Commercial Observer first reported the $350 million loan.

The sponsors are holding off the market more than half of the 272 units. As of this month, only 113 of the 272 had been offered for sale, resulting in the $295.6 million sellout listed in a recent amendment filed with the Attorney General to almost certainly be less than half of the anticipated total sellout, since the majority of the units are not yet priced including three of the four penthouse apartments.

The loan closed on April 11, 2025 and was recorded on April 24, 2025. The prior lender was Northwind Group which held debt that had an original loan amount of $313 million. The property has 455,815 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $614 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
Fortress took control and title to the property on January 31, 2023, with a transaction amount off $598.2 million. The signatory for Fortress Investment Group , Bizzi & Partners , and Bilgili Holding was Fortress’s William A. Covino . The signatory for Starwood Property Trust was Joseph Rothenberg . (There is a filing error on the cover page of CRFN 2025000111870, which reported one of the two loans that make up the $280 million was $164,816,640 but in fact the loan is $134,816,640, according to the loan description in the document.)

The property

The residential elevator building with 439 residential units in Financial District has 455,815 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 82 feet and is 119 feet deep with a total lot size of 9,086 square feet. The lot is irregular. The zoning is C5-5 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $108.1 million. The most recent loan totaled $313 million and was provided by Northwind Group on January 31, 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $7,530 in ECB penalties and $14,530 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, 121183799, for a 273-unit, 358,388 square-foot residential (R-2) building. The project was submitted by Bizzi & Partners and filed by Steven Dellasalla with plans filed June 5, 2012 and permitted August 8, 2017. On the tax lot, the most recent condominium plan was filed by VS 125 LLC to create 275 residential units in a building at 125 Greenwich Street in Financial District, Manhattan, called 125 Greenwich Condominium that has a $295.6 million sellout, according to an November 13, 2015 submission to the New York State Attorney General.

The block

On this tax block, PincusCo has identified the owners of three of the five commercial properties representing 1,037,834 square feet of the 1,402,317 square feet. The largest owner is Fortress Investment Group, followed by Quantum Pacific Group and then Yucaipa Companies.
On the tax block, there were two new building construction projects totaling 608,621 square feet. The largest is a 273-unit, 358,388 square-foot residential (R-2) building submitted by Bizzi & Partners and filed by Steven Dellasalla with plans filed June 5, 2012 and permitted August 8, 2017. The second largest is a 250,233 square-foot business (B) building submitted by Tishman Speyer and filed by Richard Gladstone with plans filed August 29, 2014 and permitted December 13, 2017.

The majority, or 62 percent of the 1.4 million square feet of built space are office buildings, with elevator buildings next occupying 33 percent of the space.

The borrower

The PincusCo database currently indicates that Fortress Investment Group owned at least three commercial properties with 594 residential units in New York City with 589,218 square feet and a city-determined market value of $132.3 million. (Market value is typically about 50% of actual value.) The portfolio has $377.9 million in debt, with top three lenders as Northwind Group, MetLife, and Prime Finance respectively. Within the portfolio, all identified are elevator properties. They are all located in Manhattan.
The PincusCo database currently indicates that Bilgili Holding owned at least one commercial property in New York City with 169,983 square feet and a city-determined market value of $109.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Manhattan.

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