BridgeCity, Deutsche Bank Lend $320M on 80 Pine St. Residential Conversion
Arrow Real Estate Advisors arranged a $320-million construction loan on behalf of Bushburg Properties for the conversion of 80 Pine St., a 41-story office tower in Manhattan’s Financial District. The financing will support the transformation of the building’s lower floors into 713 residential units, totaling approximately 1.2 million square feet.
The loan was provided by BridgeCity Capital and Deutsche Bank. The Arrow team of founder and managing partner Morris Betesh, SVP Alex Bailkin and senior associate Matt O’Hanlon negotiated the financing.
Originally constructed in 1960 and occupying a full city block, 80 Pine has recently undergone nearly $100 million in renovations. Bushburg acquired the building in September 2024 to reposition it as a mixed-use community hub, blending residential, office and retail uses in a historically commercial corridor.
“We are pleased to have arranged the construction financing for this transformative office-to-residential conversion,” said Betesh. “Bushburg’s creative redevelopment of 80 Pine reflects the strong demand for residential repositionings enabled by the 467-m [tax incentive] program.”
Other News
One Beverly Hills Reaches Milestones Ahead of Schedule
The development team behind One Beverly Hills (1BH) said construction on the $10-billion luxury mixed-use project is proceeding ahead of schedule. The Beverly Hilton expansion structure topped out approximately 10 weeks ahead of schedule and one of the residential towers is progressing six weeks ahead. “This was accomplished while significant operations were maintained at The...
Learn more
Metro Loft, David Werner Secure $231M Loan for Midtown East Residential Conversion
Northwind Group has originated a $231-million first mortgage construction loan for 675 Third Ave., a 32-story, 337,000-square-foot office building in Manhattan’s Midtown East neighborhood that is slated for conversion into residential apartments. The conversion is being led by a joint venture between Nathan Berman’s Metro Loft Management and David Werner Real Estate Investments. Loan proceeds...
Learn more
Rental Affordability Declines in Most Metros, but Improved Housing Quality is a Factor
Rental housing affordability declined in 82% of U.S. metropolitan areas between 2014 and 2023, with renters experiencing the equivalent of an average $256 annual reduction in income after accounting for changes in housing quality. That’s according to a new report released Tuesday by the Mortgage Bankers Association’s Research Institute for Housing America. The report, Housing...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout