{"id":346466,"date":"2026-09-14T16:52:09","date_gmt":"2026-09-14T16:52:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/346466\/"},"modified":"2026-09-14T16:52:09","modified_gmt":"2026-09-14T16:52:09","slug":"pgim-refis-manhattan-office-to-storage-conversion-with-57m-loan-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/346466\/","title":{"rendered":"PGIM Refis Manhattan Office-to-Storage Conversion With $57M Loan \u2013 Commercial Observer"},"content":{"rendered":"<p>A joint venture between <a href=\"https:\/\/commercialobserver.com\/company\/mequity-companies\/\" title=\"Mequity Companies\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Mequity Companies<\/a> and <a href=\"https:\/\/commercialobserver.com\/company\/flatiron-equities-real-estate\/\" title=\"Flatiron Equities Real Estate\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Flatiron Equities Real Estate<\/a> has sealed a $57 million loan to refinance an office-to-storage conversion project in Midtown Manhattan, Commercial Observer has learned.<\/p>\n<p><a href=\"https:\/\/commercialobserver.com\/company\/pgim\/\" title=\"PGIM\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">PGIM<\/a> supplied the loan for the sponsorship\u2019s transformation of 152 West 36th Street from a 51,853 square-foot Class C office building into a roughly 1,500-unit self-storage facility operated by Manhattan Mini Storage. The refi, which closed Friday afternoon, retires a past construction debt and funds the final development stages of the conversion project, which spans 75,000 rentable square feet and is slated for completion in early 2027.<\/p>\n<p>SEE ALSO: <a href=\"https:\/\/commercialobserver.com\/2026\/09\/pnc-bank-92m-construction-loan-carr-properties-d-c\/\" rel=\"nofollow noopener\" target=\"_blank\">PNC Bank Provides $92M Construction Loan for Luxury D.C. Multifamily<\/a><\/p>\n<p><a href=\"https:\/\/commercialobserver.com\/company\/colliers\/\" title=\"Colliers\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Colliers<\/a> negotiated the financing with a team led by Dylan Kane, Zach Redding and Jared King.\u00a0<\/p>\n<p>Kane, managing director at Colliers, noted the project is poised for success thanks to a <a href=\"https:\/\/commercialobserver.com\/2025\/08\/new-york-city-council-passes-midtown-south-mixed-use-plan\/\" rel=\"nofollow noopener\" target=\"_blank\">Midtown South rezoning<\/a> that will boost demand for self-storage in the area because of residential housing that will be sprouting up. The development is slated to receive a temporary certificate occupancy in a few months, according to Kane.\u00a0<\/p>\n<p>\u201cThat progress allowed us to increase loan proceeds, lower borrowing costs meaningfully and also provide some runway through the lease-up,\u201d Kane said.\u00a0<\/p>\n<p>Mequity and Flatiron acquired the eight-story office building in Manhattan\u2019s Chelsea neighborhood for $23.8 million from Falcon Properties in September 2024, CO previously <a href=\"https:\/\/commercialobserver.com\/2024\/09\/flatiron-mequity-152-west-36th-street-self-storage\/\" rel=\"nofollow noopener\" target=\"_blank\">reported<\/a>. The property, originally built as a warehouse, will add eight stories built atop the existing building as part of the conversion.<\/p>\n<p>PGIM, Mequity Companies and Flatiron Equities Real Estate did not immediately return requests for comment.<\/p>\n<p>Andrew Coen can be reached at <a href=\"https:\/\/commercialobserver.com\/2026\/09\/pgim-office-to-storage-conversion-manhattan\/mailto:acoen@commercialobserver.com\" rel=\"nofollow noopener\" target=\"_blank\">acoen@commercialobserver.com<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"A joint venture between Mequity Companies and Flatiron Equities Real Estate has sealed a $57 million loan to&hellip;\n","protected":false},"author":2,"featured_media":346467,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[8101,8102,75,84,83,9,24,63,8103],"class_list":["post-346466","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-dylan-kane","tag-jared-king","tag-manhattan","tag-manhattan-headlines","tag-manhattan-news","tag-new-york","tag-new-york-city","tag-nyc","tag-zach-redding"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/346466","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=346466"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/346466\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/346467"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=346466"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=346466"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=346466"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}