(To read more on the multifamily market, click here.)

NEW YORK CITY-The Setai Group and Zamir Equities received a $167.2-million construction and mezzanine loan for the conversion of 40 Broad St. from office space to residential condominiums. The Singer & Bassuk Organization arranged the financing.

A group headed by Anglo Irish Bank Corp. provided a $140.1-million construction loan. Massachusetts Mutual Life Insurance Co. supplied a $27.1-million mezzanine loan.

“We arranged the financing in a tightening market by stressing the concept of condominium branding and super luxury in the Financial District,” says Richard Bassuk, in a statement. “Both Anglo Irish Bank and MassMutual provided financing, which is a testimony to the developers and their vision for the project and the future of this branding.”

The Setai New York is a 259,000-sf luxury condo project that will create 167 units in the financial district. The current 25-story office building will be converted into a 30-story property that will house one-, two-, and three-bedroom units that will range from 475 sf to 3,424 sf. Units will cost between $650,000 and $6.8 million. The Setai, which began renovations last fall, is scheduled to be completed by this summer.

Manhattan’s Setai will be branded with an Asian flair similar to the Setai Hotel in Miami that opened last year in South Beach.

In 2004, as reported by GlobeSt.com, Tishman Speyer Properties purchased 40 Broad St. as part of a $1.9-billion portfolio deal that gave the company 12 properties in eight cities totaling 7.3 million sf.

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