Developer Seeks $850M for FiDi Office-to-Residential Conversion
InterVest Capital Partners is seeking a construction loan of about $850 million to convert 111 Wall St. in Lower Manhattan’s Financial District into more than 1,500 apartments. The developer is working with advisers from Walker & Dunlop New York Capital Markets to line up financing for the transformation, reported Crain’s New York Business.
The loan would represent about 65% of the total project costs. It would allow for adding five stories to the existing building. InterVest, formerly known as Wafra Capital Partners, plans to work with Nathan Berman’s Metro Loft, which specializes in office-to-housing conversions.
The conversion, one of the largest in New York City history, represents a pivot from InterVest’s original plan. In 2021, Newmark arranged a $500-million debt package to facilitate converting 111 Wall St. into “a one-of-a-kind Class A office destination.” The pandemic-driven decline in the office market spurred InterVest to explore a residential conversion instead.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout