The Daily Dig:
Bushburg has secured a $78 million co-loan from OakNorth Bank and Oak Funding to acquire 100 William Street and fund pre-development on an office to residential conversion in Manhattan's Financial District. The 21-story building totals more than 400,000 square feet and is being repositioned into housing.
The plan calls for 400 plus apartments, with 25% set aside as affordable. Multi-Housing News reports Bushburg acquired the building for $70 million in December from Manulife Investment Management. The asset dates to the 1970s with a renovation completed in 2012.
Project Snapshot:
Asset: 100 William Street, 21-story office building (400,000+ SF)
Scope: Office to residential conversion (400+ units; 25% affordable)
Financing: $78M co-loan - acquisition + pre-development
Lenders: OakNorth Bank and Oak Funding (bridge lender)
Deal Context: Purchased for $70M in December from Manulife Investment Management
Building Profile: Built in the 1970s; renovated in 2012
TheJobWalk Thoughts:
A 1970s high-rise with a 2012 renovation still means heavy work on a full residential conversion, new plumbing stack strategy, MEP redistribution, life safety and egress coordination, and unitized layouts repeated across dozens of floors. Pre-development is funded and the deal closed fast, which are the signals that matter. The teams that win here will know how to sequence vertical retrofit work within a tight urban envelope, with limited laydown, live streets, and NYC permitting in the mix from day one.
