David Werner Real Estate Investments and Metro Loft Management continue working together on office-to-residential conversions in Manhattan. This time, the joint venture partners have secured a $90 million senior first mortgage loan to support the purchase and pre-development of 675 Third Avenue in Midtown South.
The plans call for transforming the 335,000-square-foot Class A office space into roughly 430 rental units.
Northwind Group is originating and structuring the loan through its Debt Fund III. This will mark the third time the private equity firm has financed a deal for David Werner and Metro Loft in the city. The previous two transactions involved two properties of the former Pfizer headquarters to create 1,600 multifamily units at the vacant offices. One of the loans provided by Northwind was worth $135 million at 235 East 42nd Street, and the other at 219 East 42nd Street was given a $75 million loan. So, in total, the three are partnering to launch 2,000 multifamily units.
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