Joe Sitt’s Thor Equities borrows $92M from Metlife for property in Brooklyn Heights

Joe Sitt’s Thor Equities through the entity Thor 180 Livingston LLC as borrower signed a loan agreement with lender Metlife through the entity Metlife Real Estate Lending LLC valued at $92.2 million for 4 parcels, including the tax class commercial condominium unit (R5) at 180 Livingston Street in Brooklyn Heights. The deal closed on October 31, 2019 and was recorded on November 19, 2019.

The new debt is $2.2 million above the original $90 million debt that Thor obtained from TPG Real Estate Finance Trust when it bought the building on October 14, 2015, for $85,000,000. The new debt was arranged by Cushman & Wakefield‘s Dave Karson, Alex Hernandez, Alex Lapidus and Emily Johansen, according to the Commercial Observer.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on October 25, 2018.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link