There\u2019s definitely something in the Water.\u00a0<\/p>\n
Nathan Berman<\/b>\u2019s Metro Loft<\/a> <\/b>has officially wrapped its $345 million recapitalization of 180 Water Street<\/b>, Commercial Observer has learned.\u00a0<\/p>\n SEE ALSO: Ashkenazy Acquires Queens\u2019 Shops at Atlas Park for $72M<\/a><\/p>\n The recap of the luxury rental building \u2014 valued at roughly $345 million \u2014 includes the sale of a 49 percent stake in the property to 60 Guilders<\/a><\/b> and Sentry Realty<\/a><\/b>, and a $280 million commercial mortgage-backed securities (CMBS) loan from Deutsche Bank<\/b>, sources said.\u00a0<\/p>\n Newmark<\/a><\/b>\u2019s Adam Spies<\/b>, Adam Doneger <\/b>and Michael Collins<\/b> arranged the recap, while Newmark\u2019s Jordan Roeschlaub<\/b>, Nick Scribani <\/b>and Chris Kramer <\/b>negotiated the debt.\u00a0<\/p>\n Commercial Observer was first to report that a recap was underway<\/a> in May, and that Kevin Chisholm<\/b>\u2019s 69 Guilders and Sentry Realty \u2014 led by Alen Mamrout <\/b>and Joe Mamrout <\/b>\u2014 were coming into the deal as new equity partners.\u00a0<\/p>\n The 460,0000-square-foot building between Fletcher and John streets was originally built as an office tower in 1971 and purchased by Vanbarton Group<\/b> in 2013. Metro Loft came into the deal in 2014, acquiring an \u201caround 10 percent\u201d stake in the property<\/a>. The two firms converted the building to residential use in 2017 then Metro Loft acquired the building in full, paying its partner $450 million.\u00a0<\/p>\n Today, the luxury building \u2014 also known as Aqua House\u2014 <\/b>features a rooftop pool with panoramic views over the Brooklyn Bridge and the East River, as well as a yoga studio and a gaming area.\u00a0<\/p>\n Deutsche Bank was also the property\u2019s previous lender, providing a $265 million CMBS loan on the property that Metro Loft failed to pay off at maturity <\/a>last November, prompting special servicer CW Capital Asset Management <\/b>to file a pre-foreclosure action<\/a> against the borrower, PincusCo reported at the time. With the recap now complete, that motion is put to bed.\u00a0<\/p>\n 60 Guilders, Newmark and Deutsche Bank declined to comment. Nathan Berman and Sentry Realty didn\u2019t immediately return requests for comment.\u00a0<\/p>\n