Capital markets rush to fund office to rental conversion.
Brookfield Asset Management and Capital One Bank have anted up $240 million in construction financing for the office to rental conversion of 180 Water Street.
Cushman & Wakefield served as the exclusive advisor to affiliates of Vanburton Group and Metro Loft Management, LLC, who are redeveloping the property.
Once complete, it will rise to 29 stories and include 365,000 s/f of class-A, market-rate rental apartments (565 units) as well as more than 10,000 s/f of street level retail space.
180 Water Street will feature high-end amenities including an outdoor rooftop pool, rooftop lounge and terrace, and a state-of-the-art fitness center, all located on the top two floors of the building.
A Cushman & Wakefield Equity, Debt and Structured Finance team including Steve Kohn, Alex Hernandez and Alex Lapidus, represented the developers in arraning $240 million of construction financing secured by 180 Water Street.
The floating rate financing was provided by an affiliate of Brookfield Asset Management LLC in partnership with Capital One Bank.
"Vanburton Group was two steps ahead of the market when it acquired this property two years ago and saw the opportunity for a residential conversion," said Kohn.
"Bringing in Metro Loft, a firm with extensive experience in similar conversions, produced a very effective development team. This background, along with a very strong Manhattan rental market, made this lending opportunity highly sought after in the capital markets."
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|Comment:||Capital markets rush to fund office to rental conversion.|
|Publication:||Real Estate Weekly|
|Date:||Jul 15, 2015|
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