Yellowstone secures $203M loan for office-to-resi conversion
Isaac Hera may no longer be pursuing a hotel project at the Candler Building in Times Square, but he still has plenty of support from lenders. Yellowstone Real Estate Investments secured $203 million in debt for the office-to-residential conversion of 220 West 42nd Street, the Commercial Observer reported. Bank Hapoalim’s U.S. lending arm provided the debt, while Naftali Credit Partners tacked on $36 million in mezzanine debt. An IPA Capital Markets team including Max Herzog, Marko Kazanjian and Andrew Cohen arranged the debt. The plan is to turn the 25-story office building into a 221,000-square-foot multifamily building with 176 units […]
This article originally appeared on The Real Deal. Click here to read the full story.
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