77 Greenwich Street Condo

Trinity Place Holdings renegotiated debt terms for its 77 Greenwich Street condo tower in Lower Manhattan. The developer extended senior and mezzanine loans’ maturity until 2025, with an additional one-year extension option, and prolonged the corporate loan until 2026. In return, Trinity gave a 5% stake to lender Davidsen Kempner Capital Management, allowing it to control major decisions. Despite replacing sales teams multiple times, only 40 out of 90 units have sold, facing challenges in a competitive market. Trinity secured a $167 million inventory loan in 2021, addressing default issues due to slow sales and construction delays.