Rockrose Development has secured a $230M refinancing of 200 Water Street, a 430K, 576-unit multifamily tower in Manhattan's Financial District.
Equitable Financial Life Insurance will provide a 10-year, fixed-rate loan for the 32-story tower. Avison Young arranged the financial package.
Rockrose began a renovation of the property two years ago, including remodeled apartments and a new lobby. When occupancy in the building dropped to 75% during the pandemic, the company turned to Equitable for a $150M a short-term, floating-rate loan to finance the renovation project.
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