NEW YORK, NY, April 15, 2025 – The developers of the luxury residential tower The Greenwich by Rafael Viñoly announce they have secured $350 million in financing for the development from Starwood Property Trust. Funds managed by affiliates of Fortress Investment Group, Bizzi & Partners, and Bilgili Holding are developing the property.
The financing underscores the market’s confidence in the project and marks a significant milestone for one of New York City’s premier residential destinations.
“Starwood Property Trust’s entry into the deal and their extensive real estate experience will create an even stronger group backing The Greenwich by Rafael Viñoly, and we’re delighted to work with their team again,” said Tim Sloan, Co-Head of Real Estate at Fortress Investment Group.
The Greenwich by Rafael Viñoly is a sophisticated showcase of luxury residential living, rising 88 stories and 912 feet in Downtown Manhattan. One of Rafael Viñoly’s final projects in New York City, the tower features interiors by the globally acclaimed design team March and White Design (MAWD). The building recently unveiled The 88 — New York City’s highest amenity suite—offering 15,000 square feet of wellness, entertainment, and fitness spaces more than 800 feet in the sky. The development includes 272 residences and over 27,000 square feet of indoor and outdoor amenities. Douglas Elliman Development Marketing is exclusively handling sales and marketing for the building.
The Greenwich exemplifies Rafael Viñoly’s commitment to modern, innovative design while celebrating elegance and an elevated way of living. Defined by two sculpted prisms suspended from monumental I-beam cores, its refined form seamlessly integrates structural integrity with a striking, omnidirectional presence. MAWD meticulously designed every interior space to maximize light and air on each floor. By placing the amenities at the top, all residents enjoy unparalleled views of the city. Residences at The Greenwich by Rafael Viñoly range from studios to three-bedrooms, with additional loft and penthouse suites offering breathtaking views of the Hudson River, Statue of Liberty, World Trade Center, and New York City skyline.
Newmark and Arrow Real Estate Advisors advised on the loan.
“This transaction allows the development to be completely refinanced, with a significant rate reduction. We are proud to play a role in advancing one of Rafael Viñoly’s final architectural masterpieces and shaping the future of luxury living in Downtown Manhattan,” said Morris Betesh, Founder & Managing Partner, Arrow Real Estate Advisors.
About Starwood Property Trust
Starwood Property Trust (NYSE: STWD), an affiliate of global private investment firm Starwood Capital Group, is a leading diversified finance company with a core focus on the real estate and infrastructure sectors. As of December 31, 2024, the Company has successfully deployed over $102 billion of capital since inception and manages a portfolio of over $25 billion across debt and equity investments. Starwood Property Trust’s investment objective is to generate attractive and stable returns for shareholders, primarily through dividends, by leveraging a
premiere global organization to identify and execute on the best risk adjusted returning investments across its target assets. Additional information can be found at www.starwoodpropertytrust.com.
About Fortress Investment Group
Fortress Investment Group LLC is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $49 billion of assets under management as of December 31, 2024, on behalf of approximately 2,000 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies. Visit fortress.com to learn more.
About Bizzi & Partners
Founded in 2000 by Davide Bizzi, Bizzi & Partners’ development team is composed of professionals who combine their decades of experience in the fields of acquisitions, real estate finance, zoning, master-planning, design, construction management, sales, and marketing, to form a full-breadth real estate company. Through a continuous collaborative effort, the team of the property investment company brings unique insight and versatility to each of the development phases. Bizzi & Partners also handpicks the most prestigious and trailblazing architecture and design firms according to each project’s objectives.
About Bilgili Holding
Bilgili is one of the world’s leading global real estate companies and BLG Capital is its private equity real estate arm with over $8.0 billion of assets under management, specializing in global hospitality; high-end residential, office, and mixed-use real estate. The company has a proven track record of success, and its projects have resulted in international recognition. Highlight projects include, among many others, Europe’s first W Hotel in Istanbul, the debut of Soho House in the MENA region, Turkey’s first The Peninsula Hotel, Amanruya Bodrum, Mandarin Oriental Hotels, Rosewood The Raleigh Miami Beach and Europe’s first standalone The Ritz-Carlton Residences.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended December 31, 2024, Newmark generated revenues of over $2.7 billion. As of December 31, 2024, Newmark and our business partners together operated from approximately 170 offices with more than 8,000 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.
About Arrow Real Estate Advisors
Arrow Real Estate Advisors, founded in 2024 by industry veteran Morris Betesh, is a leading real estate finance advisory firm that partners with the nation's top developers. The firm delivers comprehensive, customized financial solutions, specializing in permanent financing, construction financing, debt structuring, and raising joint venture equity. Operating across all asset classes—including luxury residential, commercial office, hotels, retail, and industrial warehouses—Arrow Real Estate Advisors is dedicated to exceeding client expectations and achieving exceptional results. With a dynamic team of some of the most driven, innovative, and sharpest professionals in the industry, the firm consistently provides creative solutions and leverages its expansive network of financial partners. Headquartered in New York City, Arrow Real Estate Advisors operates nationwide, setting new standards in real estate finance. For more information about Arrow Real Estate Advisors and its services, please visit https://www.arrowrea.com.
Contact
Mark Lane, Fortress Investment Group
Sarah S. Berman, Berman Group, for The Greenwich by Rafael Viñoly
Philip Ramirez, Berman Group, for The Greenwich by Rafael Viñoly