Metro Loft, Sentry Realty, 60 Guilders get $280M refi for 573-unit rental in FiDi, part of $345M recap

Metro Loft Management, Sentry Realty and 60 Guilders through the entity 180 Water LLC as borrower signed a refi loan with lender Deutsche Bank through the entity German American Capital Corporation valued at $280 million for the 573-unit residential elevator building (D6) at 180 Water Street in Financial District, Manhattan.
The Commercial Observer reported in May that Metro Loft Management recapitalized the property valued at $345 million with new partners Sentry Realty and 60 Guilders. In April, PincusCo reported a special servicer for a $265 million loan filed a pre-foreclosure action against Metro Loft Management, claiming the loan was in a maturity default.
The deal closed on July 29, 2025 and was recorded on August 4, 2025. The prior lender was Series 2019-B14 which held debt that had an original loan amount of $265 million.The property has 487,950 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $573 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on July 26, 2013, for $151 million. The signatory for Sentry Realty was Joseph Mamrout . The signatory for Deutsche Bank was Brandon Atkins and Darrell L. Gustafson .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Nathan Berman, head officer and Jack Berman, officer. The business entity is 180 Water Llc. The 487,950-square-foot property generated revenue of $32.6 million or $67 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 573 residential units in Financial District has 487,950 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 116 feet and is 127 feet deep with a total lot size of 23,555 square feet. The lot is irregular. The zoning is C5-5 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $162.4 million. The most recent loan totaled $265 million and was provided by Deutsche Bank on October 18, 2019.

Violations and lawsuits

The property was involved in one lawsuit over the past two years. The suit was a $265 million commercial foreclosure concerning a loan filed on April 2, 2025, by Series 2019-GC44 against Metro Loft Management and Nathan Berman. In addition, according to city public data, the property has received $20,720 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of two of the three commercial properties representing 969,808 square feet of the 971,258 square feet. The two identified owners are Metro Loft Management and Vanbarton Group.
On the tax block, there was one new building construction project filed totaling 21,120 square feet. It is a 48-unit, 21,120 square-foot hotel/dormitory/shelter (R-1) building submitted by George Drallios with plans filed December 7, 2018 and it has not been permitted yet.

The majority, or 50 percent of the 971,258 square feet of built space are elevator buildings, with office buildings next occupying 50 percent of the space.

The borrower

The PincusCo database currently indicates that Sentry Realty owned at least three commercial properties in New York City with 870,027 square feet and a city-determined market value of $261.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are office properties. They are all located in Manhattan.

Direct link to Acris document. link