Brookfield lends $240m on downtown Manhattan residential conversion

Brookfield Asset Management has placed a $240m construction loan on 180 Water Street in Downtown Manhattan, where Emmes Asset Management is converting a 25-story, 476,000 sq ft office building into a multifamily residential property. Brookfield will reportedly syndicate the loan and retain a mezzanine portion. Emmes paid $151m for the property in July of 2013 backed by a $90m loan from Bank of America.