Banco Inbursa Provides $220M Loan For Multifamily Conversion In Financial District, NYC

The property involved in this transaction is located at 55 Broad Street in the Financial District. It is a multifamily asset with a total square footage of 421,017 and comprises 571 units. The property was transacted for an amount of $220,000,000 with Banco Inbursa serving as the lender. The landlords involved in this deal are MetroLoft Developers and Silverstein Properties.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $220,000,000
• Square Footage: 421,017
• Number of Units: 571
• Lender: Banco Inbursa
• Landlords: MetroLoft Developers, Silverstein Properties

The brokers representing this deal are Christopher Peck, Eliott Zeitoune, and Alex Staikos from JLL. It is worth noting that JLL also provided advice on the procurement and structuring of the equity for this acquisition and conversion loan.