Bushburg lands $320M for one of NYC’s biggest office conversions

Joseph Hoffman’s Bushburg landed a $320 million construction loan for one of the city’s biggest office-to-residential conversion projects. Bridge City Capital and Deutsche Bank provided the financing for Bushburg’s partial conversion of the 1.2 million-square-foot building at 80 Pine Street, the lenders told The Real Deal. Bushburg paid $160 million last year to buy the 40-story skyscraper from the Rudin family, which developed the property in 1960. The building is about half empty, and Bushburg has already started converting floors 2 through 17 into 713 rental apartments. Because a portion of the building is dedicated to office and the other […]This article originally appeared on The Real Deal. Click here to read the full story.