Grubb lands $377M construction loan for FiDi resi tower

Grubb Properties has landed $377 million in financing to complete 8 Carlisle Street, a 64-story rental tower rising in Manhattan’s Financial District — one of the larger ground-up multifamily debt packages to close in New York this year.

The North Carolina-based developer’s package pairs a $300 million senior construction loan from Maxim Capital Group with $77 million in mezzanine financing from Skylight Real Estate Partners and GreenBarn Investment Group. Arrow Real Estate Advisors arranged the debt.

Why it matters. Full-size construction loans for spec rental towers have been among the hardest deals to close, so a nine-figure package for a 789-foot high-rise signals that lenders will still back well-located New York residential with a credible sponsor and visible progress. The project also adds rental supply to a Lower Manhattan submarket that has steadily converted from offices toward housing.

The numbers. The tower, formerly known as 111 Washington, will hold 462 apartments across 64 stories. Grubb acquired the site — a 10-story parking garage demolished back in 2007 — for $89.2 million in 2021 and began pilings and earthwork in 2023. By early June 2026 the building had reached roughly half its full height.

What’s next. With financing in place, Grubb can carry construction through to completion and lease-up. The close adds to a run of capital commitments flowing to New York rental projects that can show momentum, even as financing costs keep smaller ground-up deals on the sidelines. Continued vertical progress will be the tell for a market watching whether big-ticket resi construction can keep penciling.