Cushman & Wakefield announced today that it served as the exclusive advisor to an affiliate of Thor Equities in arranging $90 million of acquisition financing secured by 180 Livingston Street, an office condominium located in Downtown Brooklyn. The floating rate financing was provided by TPG Real Estate Finance Trust.
180 Livingston Street is a fully-redeveloped 257,000 square foot, six-story boutique retail and creative office property located in the heart of Downtown Brooklyn. The property consists of two individual commercial condominium units with shared common areas and elements. Thor entered into two separate contracts to acquire both condominium units and approximately 142,500 square feet of excess development rights.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Dave Karson, Alex Hernandez, Sridhar Vankayala and Andre Hass served as exclusive advisors in the transaction.
“The property is across the street from Macy’s flagship redevelopment on a bustling and convenient corner in Downtown Brooklyn,” said Mr. Karson, a Cushman & Wakefield Executive Managing Director. “Thor and TPG recognized the outstanding retail play as well as the growing office demand and structured a flexible solution to allow the acquisition of multiple condominium units and the subsequent potential collapse of that condo association to maximize value to the owner.”