Cushman & Wakefield announced today that it served as the exclusive advisor to affiliates of VANBARTON GROUP and Metro Loft Management, LLC in arranging $240 million of construction financing secured by 180 Water Street, an office to rental residential conversion project located in Lower Manhattan. The floating rate financing was provided by an affiliate of Brookfield Asset Management LLC in partnership with Capital One Bank.
180 Water Street is located in one of the most desirable locations in Lower Manhattan, surrounded by abundant transportation options, trendy restaurants, nightlife venues and retail amenities. The property is within walking distance to the World Trade Center, Brookfield Place, Wall Street and the new Fulton Center transportation hub. As redeveloped, the Property will rise to 29 stories and include 365,000 net rentable square feet of class-A, market-rate rental apartments (565 units) as well as more than 10,000 square feet of street level retail space. 180 Water Street will feature high-end amenities-superior to virtually all competitive multifamily properties in Lower Manhattan-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. Highly desirable unit features include in-unit washer/dryers, soaring ceiling heights (in excess of 10 feet) and brand new, floor-to-ceiling windows.
A Cushman & Wakefield Equity, Debt and Structured Finance team including Steve Kohn, Alex Hernandez and Alex Lapidus, represented affiliates of VANBARTON GROUP and Metro Loft Management, LLC.
“VANBARTON GROUP was two steps ahead of the market when it acquired this property two years ago and saw the opportunity for a residential conversion. 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,” said Steve Kohn, President of Cushman & Wakefield Equity, Debt & Structured Finance