Metro Loft Management, Vanbarton Group borrow $175M from Blackstone for conversion in Financial District

Nathan Berman’s Metro Loft Management and the Vanbarton Group through the entity 175 Water Street Owner LLC as borrower signed a loan agreement with lender Blackstone through the entity Parlex 14Finco LLC valued at $175.0 million for 30 commercial condominium units at 175 Water Street in the Financial District. The deal closed on September 26, 2019 and was recorded on October 3, 2019.

Metro Loft plans to convert the upper portion of the 684,000-square-foot tower to residential apartments once AIG vacates on its 2021 lease expiration, according to The Real Deal.

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on June 7, 2013.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link