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FP Real Estate and TPG Real Estate have secured a $288 million construction loan for their office-to-residential conversion project at 222 Broadway in Lower Manhattan. The joint venture partners plan to transform the 770,000-square-foot property into a 31-story, 798-unit residential building. This is the latest development in the Financial District's trend of converting aging properties into high-end residences.

    The loan was arranged by Newmark's Jordan Roeschlaub and Chris Kramer, but none of the parties involved commented on the deal. The project follows GFP and TPG's purchase of the property from DWS for $150 million in June, with the intention of converting it to residential use.

    Office-to-residential conversions are gaining popularity in the Financial District as companies downsize and tenants seek high-quality spaces. Other projects in the works include a conversion at 2 Wall Street, where Fieldston Capital plans to turn the top floors into 121 apartments, and a redevelopment of 80 Pine Street by Bushburg, which will add 500 residences.

    GFP's Jeff Gural is also involved in another major conversion project at 25 Water Street, a 1,300-unit development with Metro Loft and Rockwood Capital. The partners secured a $536 million loan for the project last year, making it the largest office-to-residential conversion financing in US history.