Wilbur Ross raising money for purchase of Jehovah's Witnesses' Brooklyn headquarters

[1gemstone]

This article goes well with the previous Topic "End of av Era".

 

 

 

New York – Billionaire investor Wilbur Ross is raising $75 million for Invesco Advisers’ deal to buy the Brooklyn headquarters of Jehovah’s Witnesses, The Post has learned.

Invesco has emerged as the third — and dominant — investor in the $240 million real-estate transaction, which has been heralded as the borough’s largest real-estate deal this year.

Invesco has teamed with Jared Kushner’s Kushner Cos. and Aby Rosen’s RFR Holdings. The deal is already in contract and is set to close on Sept. 3.

The Invesco Mortgage Recovery Fund will put 90 percent of the equity in the deal, according to a confidential July 24 memo to prospective investors from WL Ross & Co., which is affiliated with Invesco.

Ross could not be reached for comment.

RFR and Kushner will put up the rest of the $167 million in equity, while the Natixis bank has committed to providing $244 million of financing.

The property includes a five-building complex encompassing about 973,000 square feet of office and retail space located in the DUMBO portion of the Brooklyn waterfront, according to the memo.

It has served as the headquarters for Jehovah’s Witnesses since the early 1900s. The group is selling it as part of a move to consolidate its operations in upstate New York.

In the memo, a copy of which was seen by The Post, Ross said, “The fund is comfortable investing the full equity amount but is willing to accept up to $75 million in co-investment capital.”

Investors have until noon today to sign on.

Article written by MICHELLE CELARIER on NEW YORK POST

http://www.nypost.com/p/news/business/ross_for_jehovah_witnesses_bldgs_KOMLwtYiTfQj3e0Ly5fSMK

 

[Rosalie4u]

Jehovah is obviously blessing the move to the new location!

[Brother_Bliss]

Since this is secular news, I moved it to the "Secular News & Current Events" forum.

[Qapla]

Funny, Wilbur never mentioned that at lunch the other day