BridgeCity Lends $84M on Midtown East Office-to-Resi Conversion

CSC Real Estate has landed $83.5 million of acquisition and construction financing to reposition a Midtown East office property into luxury apartments, Commercial Observer has learned.

BridgeCity Capital provided the loan for CSC’s planned 136-unit project at 136 East 57th Street in a deal that closed Oct. 13. CSC acquired the 20-story building for $10 million from Cerco Funding in March, PincusCo. reported at the time.

The 92,582-square-foot 136 East 57th Street property, at the corner of East 57th Street and Lexington Avenue, was built in 1931 and renovated in 1987. It’s across the street from another office-to-resi conversion at 135 East 57th Street, known as Tower 57, that TF Cornerstone is executing.

“BridgeCity is excited about this transaction, given the property’s exceptional location and the strength of the underlying business plan,” EJ Ehrlich, director of originations for BridgeCity, said in a statement. “We believe this project represents a compelling opportunity to reposition a well-located Manhattan asset into a premier luxury residential property.”

CSC Real Estate did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.

Source: commercialobserver.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.