Goldman Sachs Further Backs New York Office-to-Residential Conversion

Goldman Sachs to Originate $395 Million Loan for Refinancing of 70 Pine St., a Former New York Office Property Converted to Residential Use

Goldman Sachs is set to originate a $395 million loan this week to refinance 70 Pine St., a former office property in New York that has undergone residential conversion and has already received backing from the investment bank.

The loan will be integrated into a new single-asset, single-borrower commercial mortgage-backed securitization. With a five-year term and an assumed fixed rate of 6.45%, as analyzed by bond-rating firm KBRA.

This marks Goldman Sachs’ second refinancing of the property, indicating continued support for the conversion project initiated in 2016. Amidst the pandemic, New York and other U.S. cities are exploring options to repurpose outdated downtown office buildings, such as converting them into residential spaces, in response to record vacancy levels.

*Article courtesy of Costar

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