NYC Developer Gets $250 Million Loan to Convert Archdiocese Office to Apartments

Vanbarton Group landed a $250 million loan from a unit of Eldridge Capital Management for the conversion of the former headquarters of the Roman Catholic Archdiocese of New York to luxury residences.

Eldridge Real Estate Credit, the real estate investing strategy of Todd Boehly’s more-than $70 billion asset manager, provided the loan. It helped Vanbarton close on the acquisition of 1011 First Ave. for $103 million and will also go toward construction of the project, according to a statement.