BH3, a real estate investment firm, has taken over a $195 million non-performing loan on 125 Greenwich St. Located in Manhattan’s financial district, the 88-storey, mixed-use tower is located two blocks south of the World Trade Center. Built by Bizzi & Partners Development, affiliates of BH3 purchased the senior mortgage from United Overseas Bank, which had provided the initial loan to the project’s sponsors. BH3 will continue the foreclosure action initiated by United Overseas Bank, having replaced the bank as the project’s senior lender.
BH3 set up a debt opportunity fund last November in order to invest in what it sees as a rising wave of non-performing loan opportunities in the markets where it operates, primarily New York City and South Florida. Stated Gregory Freedman, principal & co-founder of BH3. “As we approached the end of 2018, we saw some writing on the wall that was reminiscent to us of 2007. 125 Greenwich represents to us the first real validation that the bull market that we’ve been in for the past eight or nine years has kind of come to an end, and we’re in a new chapter.”
