Knowledge Plus Alacrity Equals Enormous Success
The managing members of 601w jumped at the opportunity to purchase this trophy asset in a distress sale. Within hours of learning about the opportunity, the managing members of 601w were at the property, and the next day came to terms with the seller. Several days thereafter, a contract to purchase was executed and a non-refundable deposit of $20 million was advanced to the seller.
601w was able to move quickly and decisively to acquire a trophy property, in an exciting and dynamic city, with long- term leases from quality, credit-rated tenants. Financed with a 10-year, fixed rate-loan of 5.61%, the property has been generating a double digit levered return since the inception of 601w’s ownership.