GFP Real Estate has secured $288 million to work on transforming an office property in lower Manhattan into a multifamily building, following a trend in New York as housing becomes out of reach for many.
The asset, known as 222 Broadway, has plans to be converted into 800 apartments, according to the Commercial Observer, which said the developer along with joint venture partner TPG filed an initial application for the project over the summer with the city. The two teamed up to purchase the 770,416-square-foot office property for $150 million in June.
Newmark arranged the construction financing for the conversation, while BDT & MSD Partners issued the loan.
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