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Vanbarton Secures $273M Financing for Office-to-Resi Conversion in FiDi
Vanbarton Group has secured $272,500,000 in construction financing for 160 Water St., a 533,000-square-foot office property that is being repositioned to rental apartments in Manhattan’s Financial District. The loan was provided by Brookfield Real Estate Financial Partners.
A Cushman & Wakefield team of Gideon Gil, Adam Spies, Kempton Coady and Alex Lapidus represented Vanbarton.
“The Financial District is experiencing a new wave of residential success as the demand to rent apartments in Lower Manhattan grows,” said Gil. “The property is ideally located and will be converted to residential use with a top amenities package that will cater to the growing downtown residential population.”
160 Water St. is a 24-story office asset that soon will be converted into a 30-story multifamily property with 588 residential units. The conversion will include nearly 34,000 square feet of dedicated amenity space, including a lobby lounge, coffee bar, fitness center and rooftop deck.
- ◦Development
- ◦Financing
