NEW
YORK, Dec. 22, 2022 /PRNewswire/ -- Newmark has
arranged a $535.8 million loan on
behalf of GFP Real Estate ("GFP"), Metro Loft Management and
Rockwood Capital for the acquisition and redevelopment of 25 Water
Street. 25 Water Street is a 22-story, 1.1 million-square-foot
office building in New York City's
historic Financial District. The Newmark team was led by
Vice-Chairmen and Co-Heads of the Debt & Structured Finance
team Dustin Stolly and
Jordan Roeschlaub and Senior
Managing Director Chris Kramer. MSD
and Apollo provided the loan. This transaction represents the
largest ever office-to-residential conversion in the United States.i
Upon redevelopment, the property will be refitted to feature
approximately 1,300 residential units ranging from studios to
four-bedrooms. The property's 12'4" slab-to-slab ceiling heights
and expansive 40,330-square-foot floor plates provide an attractive
canvas for residential conversion. The property will also provide
residents with an unmatched amenity package relative to other
rental buildings in lower Manhattan. Fitness amenities are expected to
include a basketball court, a steam room/sauna, indoor and outdoor
pools and sports simulators. Lifestyle amenities are expected to
include an expansive sky lounge and landscaped outdoor rooftop
terrace and multiple entertainment and coworking spaces.
The residential conversion of 25 Water Street will be executed
by a world-class sponsorship team led by GFP in collaboration with
Metro Loft Management. GFP has recently acquired and redeveloped 13
properties comprising $2.2 billion
invested into 3.9 million square feet and recently completed a
$550 million renovation of David
Geffen Hall at Lincoln Center for the Performing Arts. Metro Loft
Management has a market-leading track record of conversions in
lower Manhattan, including over
five million square feet over the past 20 years.
Built in 1969, 25 Water Street enjoys uninterrupted light and
air on three sides, offering broad views of lower Manhattan and New York Harbor from all floors.
The property is situated on a double-wide street corridor with the
widest exposure fronting Water Street protected by the property's
own broad plaza, the low-rise Fraunces Tavern historic district and
Coenties Slip park directly across Water Street. The property is
also surrounded by two acres of broad plazas and public parks.
Several modes of transportation, including over a dozen nearby
subway lines, provide convenient access to the property.
Lower Manhattan has transformed
into a true 24/7 neighborhood. The 2020 census revealed a
residential population that is 33% higher than in 2010 and a
massive four-fold increase from 2000. It is now the fastest-growing
neighborhood in Manhattan.
About GFP Real Estate
GFP Real Estate is a vertically integrated owner, operator,
property manager and developer of commercial real estate in the New
York Tri-State Region. GFP owns over 55 buildings with more than
13.8 million square feet including some of New York City's most iconic real estate
assets, including the Flatiron Building (175 Fifth Avenue), The
Film Center Building (630 Ninth Avenue), 515 Madison Avenue, 1560
Broadway, the New York Market Center at 230 Fifth Avenue and 40
Worth Street. In addition to managing and leasing its own
properties, GFP also provides management and leasing services to
third-party building owners, representing additional buildings that
cover more than 4 million square feet.
About Metro Loft Management
Metro Loft Management, LLC is a vertically integrated real estate
development and management company founded in 1997. Metro Loft is a
pioneer in residential conversions. Over the past 20 years, Metro
Loft has earned a reputation as a leading conversion developer with
more than 5 million square feet of results. Metro Loft has
developed some of the most notable condominium and rental buildings
in Lower Manhattan, including 443 Greenwich Street, 20 Broad
Street, 180 Water Street, 20 Exchange Place and 63 Wall Street
among many others.
About Rockwood Capital
Rockwood Capital is a real estate investment management firm
founded in 1995 that provides debt and equity capital combined with
real estate operating expertise for the repositioning, development,
redevelopment and recapitalization of residential, office, retail
and hotel space in key markets throughout the United
States.
Rockwood is a more than 85-person organization with offices in
New York, NY, San Francisco, CA, and Los Angeles, CA. Since inception, Rockwood and
its principals have invested in approximately $38.6 billion of real estate and real
estate-related assets (gross asset value). As of Q3 2022, Rockwood
manages a portfolio of approximately $13.2
billion (gross asset value). Rockwood's international
investor base includes sovereign wealth funds, public and private
pension funds, endowments, foundations, insurance companies, funds
of funds, high net worth individuals and family offices. For more
information, visit www.rockwoodcap.com
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries
("Newmark"), is a world leader in commercial real estate,
seamlessly powering every phase of the property life cycle.
Newmark's comprehensive suite of services and products is uniquely
tailored to each client, from owners to occupiers, investors to
founders, and startups to blue-chip companies. Combining the
platform's global reach with market intelligence in both
established and emerging property markets, Newmark provides
superior service to clients across the industry
spectrum. Newmark generated revenues of approximately
$3.1 billion for the twelve months
ending September 30, 2022. Newmark's
company-owned offices, together with its business partners, operate
from approximately 180 offices with nearly 6,700 professionals
around the world. To learn more, visit nmrk.com or
follow @newmark.
Discussion of Forward-Looking Statements about
Newmark
Statements in this document regarding Newmark that are not
historical facts are "forward-looking statements" that involve
risks and uncertainties, which could cause actual results to differ
from those contained in the forward-looking statements. These
include statements about the effects of the COVID-19 pandemic on
the Company's business, results, financial position, liquidity and
outlook, which may constitute forward-looking statements and are
subject to the risk that the actual impact may differ, possibly
materially, from what is currently expected. Except as required by
law, Newmark undertakes no obligation to update any forward-looking
statements. For a discussion of additional risks and uncertainties,
which could cause actual results to differ from those contained in
the forward-looking statements, see Newmark's Securities and
Exchange Commission filings, including, but not limited to, the
risk factors and Special Note on Forward-Looking Information set
forth in these filings and any updates to such risk factors and
Special Note on Forward-Looking Information contained in subsequent
reports on Form 10-K, Form 10-Q or Form 8-K.
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iAccording to a
comparison of Real Capital Analytics data based on loan
value
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SOURCE Newmark Group, Inc.