{"id":57859,"date":"2025-12-01T23:57:08","date_gmt":"2025-12-01T23:57:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/57859\/"},"modified":"2025-12-01T23:57:08","modified_gmt":"2025-12-01T23:57:08","slug":"apollo-gic-provide-835m-refi-for-25-water-street-office-to-resi-conversion-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/57859\/","title":{"rendered":"Apollo, GIC Provide $835M Refi for 25 Water Street Office-to-Resi Conversion \u2013 Commercial Observer"},"content":{"rendered":"

A joint venture between GFP Real Estate<\/a> and Metro Loft<\/a> has inked an $835 million debt package to refinance its newly delivered office-to-residential conversion project at 25 Water Street in Manhattan\u2019s Financial District, Commercial Observer can first report.<\/p>\n

Apollo<\/a> and GIC<\/a> supplied the loan for SoMA, a 1,320-unit apartment building that was formerly a 1.1 million-square-foot office complex. The refi is closing three years after the sponsors secured a $535.8 million loan<\/a> from MSD Partners and Apollo to acquire and redevelop the 1969-built property previously known as 4 New York Plaza.\u00a0<\/p>\n

SEE ALSO: MF1 Capital Supplies $62M Construction Takeout for Gowanus Resi Tower<\/a><\/p>\n

One of the largest office-to-resi conversions in the nation, 25 Water Street was repurposed with 100,000 square feet of community amenities that include rooftop and indoor pools, a spa, a bowling alley, a game room with sports simulators and coworking spaces. The property has applied for a tax abatement under the new 467m program since a portion of the units were designated<\/a> as affordable housing to households earning between $80,000 and $100,000 per year.<\/p>\n

Newmark<\/a>\u2019s Jordan Roeschlaub, Chris Kramer, John Caraviello and Tim Polglase negotiated the financing.\u00a0<\/p>\n

GFP, Metro Loft, Apollo, GIC and Newmark did not immediately return requests for comment<\/p>\n

Andrew Coen can be reached at acoen@commercialobserver.com<\/a>.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"A joint venture between GFP Real Estate and Metro Loft has inked an $835 million debt package to…\n","protected":false},"author":2,"featured_media":57860,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[31297,31298,22114,9,11,10,31299],"class_list":{"0":"post-57859","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york","8":"tag-chris-kramer","9":"tag-john-caraviello","10":"tag-jordan-roeschlaub","11":"tag-new-york","12":"tag-new-york-headlines","13":"tag-new-york-news","14":"tag-tim-polglase"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/57859","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=57859"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/57859\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/57860"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=57859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=57859"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=57859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}