60 Guilders secures $106M loan for Metrotech acquisition

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60 Guilders has secured a $106 million loan from Starwood
Property Trust for its acquisition of 12 Metrotech Center from Brookfield.

Cushman & Wakefield arranged the financing for the
purchase of the office condominium in Downtown Brooklyn. 60 Guilders purchased
the office condominium for $128 million.

A Cushman & Wakefield Equity, Debt & Structured
Finance team of Gideon Gil, Lauren Kaufman, Steve Kohn and Alex Hernandez
arranged the loan through Starwood Property Trust on behalf of the sponsor.

The 186,000 s/f office condo sits on the top five floors of
12 MetroTech Center and features a dedicated office lobby, while the lower 25
floors of the building are owned by the City of New York.  The five-year, interest-only loan is one of
the largest office financings to close in Brooklyn since the beginning of the
COVID-19 pandemic.

“This transaction represented an exceptional opportunity for
lenders given the sponsorship profile, creditworthy tenants and long-term
leases,” Gil said. “Despite recent uncertainty from the COVID-19 pandemic, lenders
were ultimately attracted to the property’s secure cash flow, lengthy remaining
lease term and best-in-class sponsorship.”

Doug Harmon, Adam Spies, Adam Doneger, Dan OBrien, Rachel
Humphrey and Meaghan Philbin of Cushman & Wakefield’s capital markets team
brokered the sale of the asset.

Cole Schotz P.C. represented 12MTC Owner, LLC, a joint
venture between a hedge fund and Cole Schotz’s client, real estate private
equity firm 60 Guilders, LLC, in connection with the acquisition.

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