**Arrow Real Estate Secures $320M Construction Loan for 80 Pine Street Residential Conversion**
Arrow Real Estate Advisors has secured a $320 million construction loan for the conversion of 80 Pine Street, a 41-story office tower located in Manhattan’s Financial District. The financing, arranged on behalf of Bushburg Properties, will support the transformation of the building’s lower floors into 713 residential units, encompassing approximately 1.2 million square feet.
The loan was jointly provided by BridgeCity Capital and Deutsche Bank. Arrow Real Estate’s team included founder and managing partner Morris Betesh, senior vice president Alex Bailkin, and senior associate Matt O’Hanlon.
Originally completed in 1960 and occupying an entire city block, 80 Pine has recently undergone nearly $100 million in renovations. Bushburg acquired the property in September 2024 with the intent to reposition it into a vibrant mixed-use community hub. The project will integrate residential, office, and retail components—revitalizing the historically commercial corridor.
“We are pleased to have arranged the construction financing for this transformative office-to-residential conversion,” said Morris Betesh. “Bushburg’s creative redevelopment of 80 Pine reflects the strong demand for residential repositionings enabled by the 467-m tax incentive program.”
