BDT& MSD Provides $288M Loan for 222 Broadway Office-to-Resi Conversion
By Andrew Coen January 16, 2025 3:29 pm
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GFP Real Estate has sealed $288 million of construction financing for an office-to-residential conversion at 222 Broadway, Commercial Observer can first report.
BDT& MSD supplied the loan on the landlord’s planned conversion of the 770,416-square-foot Lower Manhattan office asset into an 800-unit apartment building.
Newmark (NMRK)’s Jordan Roeschlaub and Chris Kramer arranged the transaction.
GFP and joint venture partner TPG submitted an alteration application to the New York City Department of Buildings in August for the project, CO previously reported.
TPG partnered with GFP to purchase 222 Broadway for $150 million from DWS in early June, with plans to turn the property into housing.
The 31-story office building has housed coworking giant WeWork, which in 2013 signed a 16-year, 120,537-square-foot lease when L&L Holding owned the property, CO previously reported. Deutsche Asset & Wealth Management acquired a 95 percent stake in 2222 Broadway in 2014.
Officials at GFP, BDT& MSD and Newmark did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
