Walker & Dunlop announced that it has arranged a $778.6 million construction loan to facilitate the office-to-residential conversion of 111 Wall Street, located along the East River waterfront in Lower Manhattan’s Financial District. The closing of this financing marks the largest single-building office-to-residential conversion loan in New York City history, and in the country.
The Walker & Dunlop capital markets institutional advisory practice arranged the loan on behalf of InterVest Capital Partners, a global alternative investment manager, and arranged the financing from Apollo Global Management, J.P. Morgan Chase & Co., and TYKO Capital. Walker & Dunlop also advised on the extension of an existing $88.4 million C-PACE loan from Petros that remained in the capitalization, bringing the total financing package to $867 million.
Originally built in 1968, 111 Wall Street is currently a 24-story, fully vacant office tower being converted into a 30-story
