Metro Loft Management borrows $265M from Deutsche Bank for 180 Water in FiDi
Nathan Berman’s Metro Loft Management through the entity 180 Water LLC as borrower signed a loan agreement with lender Deutsche Bank through the entity DBR Investments Co. Limited valued at $265.0 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 572 residential units at 180 Water Street in Financial District. The deal closed on October 18, 2019 and was recorded on October 25, 2019.
The property contains a total of 487,950 square feet of built space.
The average loan per unit is $463,287.
The $265 million in recorded debt represents a $50 million or 15 percent reduction in the secured debt level provided by Deutsche Bank and recorded in October 2017. The last time the property sold was October 4, 2017, for $415,973,250, when Metro Loft bought out its partner Vanbarton Group. Earlier this month, Blackstone recorded a $175 million loan provided to Metro Loft and Vanbarton for the anticipated conversion of 175 Water Street after tenant AIG vacates on its lease expiration in 2021.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for 180 Water Street with 573 residential units on March 16, 2017.
Over the past five years, there have been 15 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $20,000,000. Those filings sought to increase the number of residential units to 580. There were 14 renovation/alteration projects (A2) applied for with a total estimated value of $6,430,526.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.