Apollo, GIC Provide $835M Refi for 25 Water Street Office-to-Resi Conversion

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

Apollo and GIC 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 from MSD Partners and Apollo to acquire and redevelop the 1969-built property previously known as 4 New York Plaza. 

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 as affordable housing to households earning between $80,000 and $100,000 per year.

Newmark’s Jordan Roeschlaub, Chris Kramer, John Caraviello and Tim Polglase negotiated the financing. 

GFP, Metro Loft, Apollo, GIC and Newmark did not immediately return requests for comment

Andrew Coen can be reached at acoen@commercialobserver.com.