Yellowstone Secures $203M Loan for 220 W 42nd

Yellowstone Real Estate Investments secured a $203 million debt package for the office-to-residential conversion of 220 West 42nd Street. Bank Hapoalim’s U.S. lending arm provided the $203 million, and Naftali Credit Partners added $36 million in mezzanine debt.

The plan calls for converting the 25-story building into a 221,000-square-foot multifamily property with 176 units and 18,000 square feet of retail. The developer intends to use New York’s 467m affordable housing conversion program, requiring at least 44 units to be designated affordable.