Meadow signs $59.4M refi with Fortress for office building in Downtown Brooklyn

Meadow Partners through the entity 57 Will Property LLC as borrower signed a refi loan with lender Fortress Investment Group through the entity Fortress Credit Co LLC valued at $59.4 million for the office building (O5) at 57 Willoughby Street in Downtown Brooklyn, Brooklyn.
The deal closed on September 23, 2021 and was recorded on October 1, 2021.
The property has 104,526 square feet of built space and 60,646 square feet of additional air rights for a total buildable of 165,250 square feet according to PincusCo analysis of city data. The loan price per built square foot is $568 and the price per buildable square foot is $359 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.)
The owner bought the property on December 22, 2016, for $54 million.
The signatory for Meadow Partners was Jeffrey M. Kaplan.

Within a 400-foot radius of 57 Willoughby Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, three were sales above $5 million totaling $34.7 million. The most recent of the three was United American Land which bought the 60,500-square-foot parcel at 80 Willoughby Street for $23.2 million from Sisters of St. Joseph on March 5, 2021.
Of those seven items, four were loans above $5 million totaling $60.5 million. The most recent of the four was Albert Srour which borrowed $21 million from Signature Bank secured by the 73,860-square-foot, one-unit office building (O6) on 81 Willoughby Street on September 10, 2021.

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