NEW YORK CITY—Capital One has completed the syndication of a $180 million senior loan, which will be used to convert 180 Water St. into multifamily apartments. Capital One, serving as the administrative agent, provided the $180 million first mortgage, while Brookfield Asset Management supplied $60 million in mezzanine financing. Participating lenders in the syndication include the CIT Group and Santander Bank (joint lead arranger).
The sponsors are VANBARTON GROUP and Metro Loft Management. All three organizations are repeat customers of Capital One. The 508,000-square-foot tower had been fully leased to a single tenant, the New York City Human Resources Administration, whose departure for 4 World Trade Center created an opportunity for conversion.
As redeveloped, the property will have a gross building area of 457,000 square feet, including approximately 360,000 net rentable residential square feet and 10,000 square feet of street-level retail space. Redevelopment will begin this month, and all residential units will be delivered by the beginning of 2017.
“Capital One was pleased to be able to offer financing for this project, which demonstrates the continued strength of the Lower Manhattan market,” says Ben Stacks, greater New York market manager, Capital One Bank Commercial Real Estate. “Our long-standing relationships with all the parties involved helped anchor the deal.”
VANBARTON GROUP has $1.6 billion in assets under management, primarily office, retail, industrial, and multifamily properties. Metro Loft has a proven 20-year track record redeveloping office buildings in Lower Manhattan and converting them to high-end apartment rentals, including 20 Exchange Pl. and 63 Wall St., creating over 1,600 apartment units in over 1.8 million square feet.
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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.
