Vanbarton lands $280M loan for Pearl House
Vanbarton Group landed a $280 million loan for Pearl House, its recent Financial District office-to-residential conversion. AllianceBernstein provided a $238 senior loan for the 588-unit luxury apartment building at 160 Water Street, according to property records. Brookfield provided $42 million in mezzanine debt. The fresh financing replaces a $277 million loan from Brookfield’s lending arm for the conversion of the 24-story, 533,000-square-foot office building. Eastdil Secured brokered the deal, which was first reported by Commercial Observer. Vanbarton, led by Gary Tischler and Richard Coles, purchased the 1970s-era office building in 2014 for $165 million. The developer mulled selling the property, […]
This article originally appeared on The Real Deal. Click here to read the full story.
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