A Waterfall Asset Management fund bought debt on unsold condominium units at Cogswell Lee Development’s 150 Rivington Street project. The loan had a maximum principal of $56.5 million in 2017 for the entire project, but would be far less now since the loan only covers 10 parcels of the 46 condominium units at the project.
This is the second note purchase Waterfall has made with Deutsche Bank and recorded this month. The other was in Long Island City.
The condo with 45 residential units and one commercial unit has a sellout of $119 million, according to the New York State Attorney General website. This loan assignment only covers nine residential condos and the single commercial condo.
The site was previously home to the Streit’s Matzo Factory. Cogswell Lee Development is a partnership of Cogswell Realty and Lee & Associates NYC.
Waterfall Asset Management through the entity Wf Crel 2020 Grantor Trust bought the loan with an unknown principal value covering 10 parcels, including the tax class commercial condominium unit (R5) at 150 Rivington Street in the Lower East Side. The deal closed on December 23, 2020 and was recorded on January 22, 2021.
The prior note Waterfall bought had a maximum principal of $75 million and was secured by Normandy Real Estate Partners and Drake Street Partners LIC conversion, PincusCo reported.
Direct link to Acris document. link