Brookfield Asset Management has sold the $180m first mortgage backing the conversion of 180 Water Street in Downtown Manhattan to Capital One, who in turn has syndicated the loan to CIT Group and Santander Bank.
Brookfield placed a $240m construction loan for the conversion of the 25-story, 476,000 sq ft office building in May, retaining a $60m mezzanine slice.
Emmes Asset management paid $151m for the black, glassy structure in July of 2013 backed by a $90m loan from Bank of America. The firm plans to convert the office tower into 601 apartments following the scheduled departure and relocation of its final office tenant, the New York City government agency Human Resources Administration.
The conversion will add seven stories (for a 32-story total) and 50 feet to the tower, meaning that the building will peak out at nearly 400 feet once the work is complete. There will be about 20 apartments per floor, with the additional square footage dedicated to mechanical systems, a lounge, recreation rooms and leasing offices.
New York-based Emmes owns commercial property in 19 US states and nearly 30 buildings across New York City. The portfolio includes neighboring 160 Water Street, which Emmes paid $165m for in March of last year with the help of a $99.6m loan from JPMorgan Chase Bank, National Association.
Brookfield Asset Management is a Canadian asset management company $200bn in assets under management.