$100M Loan Closes for Condo Conversion

NEW YORK CITY-A $100-million loan for the conversion of 415 Greenwich St. has closed. The site, which is currently a telecom/warehouse, will be converted into 66 luxury condominiums. There will also be a small amount of retail space and parking. Corus Bank financed the conversion.

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.