Square Mile Capital Management has originated a $131.5 million loan to finance the conversion of The Moinian Group’s 17 Battery Place North (2 Washington Street) from office to residential use.
Located adjacent to Battery Park in Downtown Manhattan, the building will be renamed 2 Washington Street and feature 345 residential units and over nine floors of amenities, including a rooftop pool and lounge, simulated sports lounge, music studio, master-chef’s kitchen, poker lounge and co-working spaces.
Designed by CetraRuddy, the building will feature mostly studio and one-bedroom units in order to appeal to millennials and Generation Z renters.
The units will offer smart-design elements such as custom millwork that allows for table and desk alcoves.
Drew Anderman and Alan Blank of Meridian Capital Group’s New York City office brokered the $131 million loan for Moinian.
“We saw the vast potential in Lower Manhattan when we began to invest here over 20 years ago, and we are pleased to see how the neighborhood – which is now bustling with restaurants, stores, parks, and entertainment – has become a 24/7 destination,” said Joseph Moinian, founder and CEO of The Moinian Group.
“The completion of this financing at 2 Washington Street will help us with our vision to bringing best-in-class residential properties to Lower Manhattan.”
Square Mile Capital principal Sean Reimer said, “We are pleased to continue our lending relationship with The Moinian Group who has a demonstrated track record of executing similar business plans throughout New York City. The Downtown Manhattan submarket is rapidly transforming into a 24-hour live-work-play neighborhood and we believe the project is well positioned to capitalize on the growing residential demand.”
The property provides access to a variety of public transportation options, and is a short walk to entertainment and dining destinations such as Brookfield Place and the World Trade Center.