Vanbarton Group Seals $280M Refi for 160 Water Street
Alliance Bernstein and Brookfield provided the financing for Pearl House, an office-to-resi conversion.
By Cathy Cunningham October 1, 2025 5:30 pm
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Vanbarton Group has landed a $280 million refinance for Pearl House, its office-to-residential conversion at 160 Water Street, Commercial Observer has learned.
Alliance Bernstein was the senior lender in the deal, while Brookfield provided a mezzanine loan. Eastdil Secured’s Grant Frankel and Ethan Pond negotiated the transaction.
“We are excited to complete this cash-neutral refinancing of 160 Water Street, where we originated $280 million of debt, given the building’s exceptional performance and our conviction in office-to-residential conversions in Downtown Manhattan,” a Brookfield spokesperson said. “From the initial bridge loan through the conversion financing, our partnership with Vanbarton has supported the successful transformation of this property into one of the premier residential buildings in the submarket.”
If you’re experiencing a sense of déjà vu reading this article, it’s likely because news of this transaction, which closed on Sep. 26, comes hot on the heels of news of Brookfield closing a $300 million loan for Vanbarton’s office-to-resi conversion at 6 East 43rd Street.
Construction on Pearl House wrapped in January with the former 525,000-square-foot office building making way for 588 luxury rental units. According to StreetEasy, studios at the building start at $4,275 per month, while two-bedrooms start at $8,400 per month. Pearl House’s amenity package includes a spa, a bowling alley, a pet wash, a game den and a full rooftop bar.
“With over 30,000 square feet of amenities, condominium-quality finishes, and a remarkable lease-up to 99 percent occupancy within 12 months, demand continues to accelerate,” the Brookfield spokesperson added. “This refinancing allows us to keep our capital working longer in a truly outstanding investment.”
Vanbarton purchased the then-26-story office building in 2022, landing a $272 million loan — also from Brookfield — at the time.
Elsewhere on Water Street, Vanbarton is working on another office-to-residential conversion. The firm landed financing from Tyko Capital last December to transform 77 Water Street, CO reported at the time.
There’s definitely something in the “Water.”
Vanbarton wasn’t immediately available for comment. Alliance Bernstein didn’t return a request for comment.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com.
