NEW YORK CITY—A $240 million infusion of construction financing, secured by 180 Water St., has been arranged in order to convert the Downtown office tower into a residential rental project. The floating rate financing was provided by an affiliate of Brookfield Asset Management in partnership with Capital One Bank.
A Cushman & Wakefield team including Steve Kohn, Alex Hernandez and Alex Lapidus, represented affiliates of VANBARTON GROUP and Metro Loft Management.
As redeveloped, the property will rise to 29 stories and feature 565 market-rate rental apartments over 365,000 square feet of class-A space and more than 10,000 square feet of street level retail space.
“VANBARTON GROUP was two steps ahead of the market when it acquired this property two years ago and saw the opportunity for a residential conversion, says Kohn, president of Cushman's equity, debt & structured finance group. “Bringing in Metro Loft—
a firm with extensive experience in similar conversions—produced a very effective development team. This background, along with a very strong Manhattan rental market, made this lending opportunity highly sought after in the capital markets.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
