Non-Performing Loan Sale of 419,000 SF Flex Industrial/Office Property in Sunset Park, Brooklyn.
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Cushman & Wakefield has been exclusively engaged by TPG Real Estate Finance Trust (“TPG”) to market for sale the first mortgage loan (the “Loan”) encumbering the fee simple interest in Whale Square located at 14 53rd Street in Brooklyn NY (the “Collateral”). The Loan is secured by the first mortgage lien on the Collateral as well as a 100% pledge of the equity interest in the borrower. The Loan is non-performing following a recent payment default.
Whale Square is a 7-story 419,000 square foot flex industrial/office property that benefits from an experienced NYC owner/operator and top to bottom renovation of all material building systems including elevators, windows, façade and roof. The offering presents a rare opportunity to acquire a Loan secured by irreplaceable Brooklyn waterfront real estate at a substantial discount to Sponsor's basis and replacement cost.