Waterfall Asset Management Originates $19.5M Loan for 30,000-Sq-Ft Greenwich Village Property
Waterfall Asset Management originated a $19.5 million loan to finance Acram Group’s acquisition of a 30,000-square-foot retail condominium at 156–168 Bleecker Street in Manhattan’s Greenwich Village. The landmarked property is 79% leased to tenants including CVS and Le Poisson Rouge, with funding earmarked for repositioning and leasing incentives.
1. Loan Origination Details
Waterfall Asset Management’s commercial real estate lending platform provided a $19.5 million senior loan to Acram Group for the purchase of a 30,000-square-foot blockfront retail condominium at 156–168 Bleecker Street in Greenwich Village, strengthening the firm’s relationship with the borrower through structured financing.
2. Property Lease and Repositioning
The landmarked property currently boasts a 79% lease rate with CVS and Le Poisson Rouge as anchor tenants. Acram Group plans to use the loan proceeds to reposition its portion of the building and implement strategic leasing incentives aimed at achieving full occupancy.
3. Implications for Ready Capital Platform
As external manager to Ready Capital, Waterfall’s origination underscores the platform’s active role in specialty finance and real estate credit. Continued deal flow of this nature may drive fee income and credit performance, supporting Ready Capital’s multi-strategy real estate finance business.