Ohebshalom’s Pink Stone borrows $86M from Fortress, Alwest, others secured by FiDi development site

Richard Ohebshalom’s Pink Stone Capital borrowed $86 million in two transactions to finance a development site in the Financial District. The financing came at the same time that Ohebshalom acquired a full interest in the site with a payment to his father, Fred Ohebshalom, valued at $57.7 million, which was recorded two days earlier.

In the first loan transaction, Ohebshalom through the entity 111 Washington Owner, LLC as borrower signed a loan agreement with lender Fortress Investment Group and Carmel Partners through the entity Dbd Credit Funding LLC valued at $80 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 111 Washington Street in Financial District. The deal closed on August 11, 2020 and was recorded on September 11, 2020.

The lender identified in the loan documents was Fortress Investment Group, but The Real Deal reported that Carmel Partners was also a lender on 111 Washington. The lenders on 105 Washington were Alwest Funding and CBO Funding. The loan was reported in the article as $7 million but the recorded loan was just $6 million.
The signatory for Fortress was Constantine “Dean” M. Dakolias.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 340,376 square feet. Those plans include a total of 388 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second transaction, Pink Stone Capital through the entity 105 Washington Owner, LLC as borrower signed a loan agreement with lender CBO Funding and Alwest Funding valued at $6 million for 1 parcel, including the tax class miscellaneous amusement or recreation including riding academies and stables (P9) at 105 Washington Street in Financial District. The deal closed on August 11, 2020 and was recorded on September 11, 2020. The signatories for the lenders were Daryl Hagler and Leslie Westreich.

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