Ullico provided the debt
Aby Rosen’s RFR Realty has closed on a Gowanus development site at 175-225 Third Street from SL Green and Kushner Companies for $115 million, according to Crain’s.
Acquisition Financing: RFR secured a $74 million mortgage from Ullico to close the deal. The life insurance company assumed the $40 million unpaid balance on the property and provided a $34 million gap mortgage.
Be Smart: The 133,245 SF parcel sits right across for newly built Whole Foods. RFR expects the site to be rezoned from 280,000 buildable square feet to nearly 1 million square feet under the Gowanus rezoning.
Flashback: The partnership paid around $72 million for the site in 2014. Nice job!