Vanbarton Group has obtained a $272.5-million construction loan to convert the 24-story office tower at 160 Water Street into multifamily housing, reports Commercial Observer.

The loan, provided by Brookfield Real Estate Finance Partners, will allow for a redevelopment of the 1970s building with 588 residential units. Plans call for converting existing floor area within the more than 530,000-square-foot building, as well as the addition of new rooftop levels.

The Gensler-designed project will include a new curtain wall with operable windows, as well as amenities including a bowling alley, a gym, a spa, and a rooftop deck, according to Collaborative Construction Management.

Vanbarton Group, which reportedly considered selling the building last year, acquired 160 Water Street for $165 million in 2014.