A Manhattan property has acquired a $75 million mortgage loan, which will help transition the building from an office into a much bigger multifamily space.
The current nine-story building is under the ownership of a joint venture, consisting of affiliates of both Metro Loft Management, headed by Nathan Berman, and David Werner Real Estate Investments. The property, at 219 East 42nd Street, was also the former headquarters of pharmaceutical giant, Pfizer.
The senior mortgage acquisition predevelopment loan was provided by Northwind Group. According to the private equity-based firm, the "property will be part of the largest conversion project in NYC history."
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