Deutsche Bank has provided Metro Loft Developers with $115m in financing for a condo conversion project at 443 Greenwich Street in Manhattan’s TriBeCa neighborhood.
The loan – split between a $109.4m building loan and $5.6m project loan – will partially pay down $105m in debt that UBS Real Estate Securities provided on the project in January of 2013.
Condos in the building, a former factory, officially hit the market last month under the direction of New York-based marketing and sales firm Cantor-Pecorella, with prices ranging from a reported $7m to $53m for its most expensive penthouse.
A joint venture led by Metro Loft bought the building from the WD Group in 2012 for $150m. The previous owner was Kar Properties, which paid a reported $113.5m for the property in 2006. Kar intended to implement its own condo-hotel plan until the markets turned.
When the markets turned again, this time for the better, Metro Loft set out to build an assortment of one-, two-, three-, four- and five-bedroom apartments, and eight penthouses, all designed by CetraRuddy. At least half of the building’s 53 units have already been sold, according to a statement from the developer last month.
The $300m project was particularly delicate because the property was designated a landmark by the city’s Landmarks Preservation Commission in 1992, meaning that the alterations to the façade would need to be kept to a minimum.
The building features a 4,000-square-foot garden, a roof deck, an indoor lap pool, a driveway that cuts through the basement and nine elevators.
The property, between Hudson and Washington Streets, was constructed in 1883. The building will re-open in 2016.