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Capital One Closes $180MM Loan to Fund Office-to-Multifamily Project in Manhattan

July 16, 2015, 07:11 AM
Filed Under: Real Estate

Capital One announced it successfully completed the syndication of a $180 million senior loan, which will be used to convert 180 Water Street, an office building in New York’s Financial District, into multifamily apartments.  Capital One, serving as the administrative agent, provided the $180 million first mortgage, while Brookfield Asset Management supplied $60 million in mezzanine financing.  Participating lenders in the syndication include the CIT Group and Santander Bank (Joint Lead Arranger).
The sponsors are VANBARTON GROUP and Metro Loft Management. All three organizations are repeat customers of Capital One.
“Capital One was pleased to be able to offer financing for this project, which demonstrates the continued strength of the Lower Manhattan market,” said Ben Stacks, Greater New York Market Manager, Capital One Bank Commercial Real Estate.  “Our long-standing relationships with all the parties involved helped anchor the deal.” 
VANBARTON GROUP is a privately owned real estate advisory firm with corporate offices in New York and California.  It has $1.6 billion in assets under management, primarily office, retail, industrial, and multifamily properties. Metro Loft has a proven 20-year track record redeveloping office buildings in Lower Manhattan and converting them to high-end apartment rentals.  Metro Loft has converted eight office buildings since 1995, including 20 Exchange Place and 63 Wall Street, creating over 1,600 apartment units in over 1.8 million square feet. 
The 508,000-square- foot, modernist tower, built in 1971, had been fully leased to a single tenant, the New York City Human Resources Administration, whose departure for 4 World Trade Center created an opportunity for conversion.  As redeveloped, the property will have a gross building area of 457,000 square feet, including approximately 360,000 net rentable residential square feet and 10,000 square feet of street-level retail space.   To maximize bedrooms and light, the development team will carve out a 40-foot wide courtyard at the core of the building above the second floor and reallocate that floor-to-air ratio to the roof to increase the property’s height to 29 stories.   Redevelopment will begin in July, and all residential units will be delivered by the beginning of 2017.
Capital One Bank’s Commercial Real Estate Group offers a comprehensive array of financing solutions for property owners and developers nationwide, including balance sheet and agency lending. Additional information can be found at Capital One Commercial Banking leverages a relationship-based banking model that seamlessly delivers an array of products and services including loans and deposit accounts, treasury management services, merchant services, investment banking, international services and correspondent banking.

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