Yellowstone Secures $203M for Manhattan Office-to-Residential Conversion
Yellowstone Real Estate Investments has secured $203 million in financing to convert the Candler Building in Manhattan into 176 residential units. The project will include both market-rate and affordable housing, with 25% of the units being affordable due to a tax incentive program.
Yellowstone Real Estate Investments has secured financing for the office-to-residential conversion of the Candler Building. The 25-story building will be converted into 176 units. Naftali Credit Partners structured the financing package, with BHI providing a $167 million senior loan. The building is located near Times Square. Yellowstone acquired the building in 2022 and plans to include both market-rate and affordable housing. The project is part of a larger trend of office-to-residential conversions in New York City.
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