Manhattan, NY According to Rockwood Capital, they have entered into a joint venture with Midtown Equities, as borrower in its financing of One Broadway. The $161 million loan will be used for acquisition and repositioning of the landmarked Financial District office building. Additionally, Midtown Equities and Rockwood Capital purchased the 12-story office building for $140 million.
Goodwin provided legal counsel to Rockwood Capital in this loan transaction. The Goodwin team was led by partner Diana Brummer and associates Kristy Coleman and Kristen Moran.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,