$272M Obtained for Manhattan Office-to-Multifamily Conversion
Vanbarton Group has secured the construction financing to reposition a 533,000-SF property in the Financial District.
NEW YORK, NY – Privately-owned real estate investment and advisory firm Vanbarton Group has procured $272.5 million in construction financing to reposition a 533,000-square-foot office property into multifamily apartments in Manhattan’s Financial District.
The loan was provided by Brookfield Real Estate Financial Partners.
Vanbarton Group will convert the 24-story office building at 160 Water St. into a 30-story multifamily property, which will feature 588 units.
The multifamily property will offer nearly 34,000 square feet of dedicated amenity space including a lobby lounge, coffee bar, fitness center and rooftop deck. The converted units will feature wood flooring, quartz countertops, stainless steel appliances and in-unit laundry.
Cushman & Wakefield served as the exclusive advisor to Vanbarton Group in securing the financing. The Cushman & Wakefield team comprised Gideon Gil, Adam Spies, Kempton Coady and Alex Lapidus.
“The Financial District is experiencing a new wave of residential success as the demand to rent apartments in Lower Manhattan grows,” says 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.”