Dan Brodsky and his partners nabbed a $357 million construction loan for their condo conversion of the Flatiron Building.
Tyko Capital provided the debt, sources told The Real Deal.
Brodsky, the Sorgente Group and GFP Real Estate plan to convert the iconic building into 60 residential condos.
“This is another important milestone in the restoration of the iconic Flatiron Building,” a spokesperson for the project told TRD. “We look forward to continuing our efforts to preserve this landmark.”
A Newmark team led by Jordan Roeschlaub and Nick Scribani arranged the debt.
Brodsky paid $40 million last year to buy a 25 percent stake in the Flatiron Building, which had fallen into limbo as its owners disagreed on a strategy for the aging icon.
Tyko Capital has recently financed some other major projects.
Earlier this month, the company backed Gary Barnett on his $160 million purchase of the office property at 655 Madison Avenue, which is slated for a condo development.
Tyko also teamed up with JP Morgan earlier this year to provide a $1 billion refinancing of Steve Witkoff and Len Blavatnik’s One High Line condo project.
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