Cole Schotz Represents Client 60 Guilders in a Joint Venture with Sentry Realty LLC to Acquire an Interest in the Luxury Multifamily Residential Building Located at 180 Water Street in New York City

Congratulations to our client 60 Guilders, LLC (60G) on its joint venture with Sentry Realty LLC (Sentry) to acquire an interest in the luxury multifamily residential building located at 180 Water Street, New York, NY (the Property). The Property consists of 581 market-rate residential units and approximately 14,000 square feet of retail space. 60G and Sentry entered into a joint-venture agreement with Metro Loft Management LLC (the existing sponsor) whereby they obtained an interest in the Property and management authority from the property owner. 60G and Sentry simultaneously purchased the existing $100 million mezzanine loan (which was in maturity default). The two firms also simultaneously obtained a $280 million mortgage loan to refinance the existing $265 million mortgage loan (which was also in maturity default) and partially fund the acquisition of the mezzanine loan and associated closing costs. This complex deal involved the closing of multiple transactions concurrently, with the Cole Schotz real estate, corporate and tax groups working together to get it closed. The Cole Schotz team included Leo Leyva, Jordan Metzger, Alan Rubin, John Park, Roger Iorio, Samantha Epstein, Zachary Alsharif, and Matthew Asnis.