Silverstein, Metro Loft Land $220M Loan For NYC Conversion

Banco Inbursa provided financing to transform this Financial District office tower into luxury apartments.

Situated in New York City’s Financial District, 55 Broad St. is one of several conversions in the neighborhood. Image courtesy of JLL

Metro Loft and Silverstein Properties’ latest office-to-residential project in Manhattan’s Financial District has secured a major conversion loan. The partnership landed $220 million in financing for its phased conversion of 55 Broad Street. Banco Inbursa provided the four-year, floating-rate loan, which was arranged by JLL’s Christopher Peck, Eliott Zeitoune, Alex Staikos and Drew Isaacson.

Metro Loft’s conversion will see 55 Broad Street go from a 30-story office tower into a 571-unit luxury apartment tower. The conversion will add one-, two- and three-bedroom units that will be built with custom-built kitchens and in-unit washer and dryers. The community will also feature approximately 17,000 square feet of amenity space, which will include a rooftop pool, fitness center, sports simulators and coworking facilities.

The developers are also planning to make 55 Broad Street one of the first fully-electric residential buildings in Manhattan and compliant with New York City’s new sustainable buildings requirements. 55 Broad Street will use self-contained heating and cooling systems, which help the building achieve 100 percent carbon neutrality.

Located in New York City’s Financial District, residents will be less than two blocks away from the MTA’s Bowling Green subway station and a short walk from the Oculus Transportation Hub that includes the 2, 3, 4, 5, R and W lines of the MTA and the PATH train. The community will also be located near an upcoming Whole Foods.

Reframing the Financial District

Metro Loft focuses on acquiring commercial buildings for residential conversion and has completed 16 office-to-residential conversions totaling more than three million square feet and 3,000 units in the Financial District. The firm’s portfolio of completed conversions includes 20 Broad Street, a property that was originally built in 1956 as an extension of the New York Stock Exchange. The 29-story building now houses a 533-unit community that was designed by CetraRuddy.

Also in the Financial District, Metro Loft is working with GFP Real Estate and Rockwood Capital to redevelop 25 Water Street from a 1.1 million-square-foot office building into an approximately 1,300-unit community. The project represents one of the largest office-to-residential conversions in the U.S. and secured $535.8 million in financing in December.

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