415 Green Fee Owner LLC, a successor in interest to Heritage Partners, plans to add two floors to the existing eight-story structure, while maintaining the building's landmark status and pristine facade. "Corus was able to take the loan from the application stage to closing in approximately one month. The outstanding location and quality of the planned finishes allowed the bank to structure the loan without recourse or a presale requirement," points out John Barkidjija, Corus Bank senior vice president.

In January 2004, Globix Corp. sold the property to 415 Greenwich Fee Owner for $60 million in cash. Carlton Advisory Services subsequently arranged and closed $67 million in first mortgage, mezzanine and preferred equity financing. At the time of the sale, Globix said the deal permitted it to further reduce long-term debt and eliminate operating expenses in excess of $1.9 million annually along with approximately $5 million of interest expense per year.

The site is not the only residential conversion planned for Greenwich Street. Non-recourse acquisition and development financing in the amount of $47 million recently closed for 627 Greenwich St. An undisclosed developer purchased the 107,000-sf loft building and adjacent parking lot with an eye on turning it into residential condominiums. Carlton Advisory Services also arranged that financing.