GFP and TPG Partner with BDT & MSD on $288 Million Financing Deal

GFP Real Estate and TPG Real Estate are spearheading one of the Financial District's most ambitious office-to-residential conversions. The partnership recently secured a $288 million construction loan from BDT & MSD Partners to redevelop 222 Broadway into a modern 31-story residential tower with 798 units. This transformative project reflects GFP and TPG’s shared vision of revitalizing aging properties and meeting the growing demand for urban housing.

A Visionary Partnership for Adaptive Reuse

The joint venture between GFP and TPG began with the strategic acquisition of 222 Broadway in June for $150 million. With their eyes set on transforming the 770,000-square-foot office building, the partners submitted an alteration application over the summer, outlining their plans to create nearly 800 residential units. The project highlights their ability to identify opportunities in underutilized office spaces and turn them into vibrant residential communities.

Leveraging Strategic Financing

To bring their vision to life, GFP and TPG partnered with BDT & MSD Partners, whose $288 million construction loan provided the necessary funding to advance the project. This collaboration not only underscores the importance of strategic financing in adaptive reuse but also reinforces the reputation of GFP and TPG as leaders in large-scale urban transformations.

Reshaping the Financial District

GFP and TPG’s redevelopment of 222 Broadway is part of a larger trend reshaping the Financial District. Aging office properties are being converted into high-quality residential spaces as businesses consolidate and tenants seek modern, versatile accommodations. By leading this transformation, GFP and TPG are redefining how real estate in Lower Manhattan is utilized and setting a benchmark for future projects.

A Proven Track Record in Real Estate Innovation

GFP Real Estate, led by Jeff Gural, is no stranger to impactful redevelopment projects. Their partnership with Nathan Berman’s Metro Loft and Rockwood Capital on the 1,300-unit conversion of 25 Water Street demonstrates their expertise in managing complex urban transformations. Similarly, TPG Real Estate has built a reputation for strategic investments in high-value properties, making the partnership a formidable force in the industry.

The Future of Urban Living

The 222 Broadway project is a testament to GFP and TPG’s ability to adapt to changing market dynamics. As the Financial District continues to evolve, the joint venture’s innovative approach to redevelopment ensures that they remain at the forefront of urban transformation. With nearly 800 new residential units on the horizon, GFP and TPG are shaping the future of Lower Manhattan, one groundbreaking project at a time.