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Metro Loft completes $385M loan deal to buy into FiDi conversion
The company bought out Vanbarton Group's interest at 180 Water for $450M in June
UPDATED, Oct. 10, 5:15 p.m.: Nathan Berman’s Metro Loft Management refinanced its rental conversion at 180 Water Street with a $385 million loan package, according property records and sources.
The lenders are Deutsche Bank, SL Green Realty and USAA provided the loan on the 24-story property, consolidating existing debt.
Berman did not immediately respond to a request for comment.
In 2015, Metro Loft, which had taken a 10 percent stake in 180 Water Street, converted the office tower to luxury rentals. Earlier this year it offered concessions at the building amid a rocky high-end market, and later entered contract in June to buy out its development partner Vanbarton Group for $450 million. That deal closed last week.
JLL’s Max Herzog and Marko Kazanjian brokered the financing.
“There was a ton of interest from lenders due to the high-quality product,” Herzog said.
The company is already at work on another luxury conversion: 20 Broad Street, where it looks to bring 521 rental apartments to market. It previously developed the “paparazzi-proof” 443 Greenwich Street conversion, which counts entertainers like Jennifer Lawrence, Justin Timberlake and Harry Styles as apartment buyers.
In the August issue of The Real Deal, the Ukranian-born Berman gave an interview about transitioning from the art world to luxury real estate, his Russian investors, and his support for President Trump.
Mark Maurer contributed reporting.