Walker & Dunlop, Inc. 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 is considered one of the largest single-building office-to-residential conversion loans in New York City history, and the country, according to the release.
The Walker & Dunlop Capital Markets Institutional Advisory Practice arranged the loan on behalf of InterVest capital partners, a global alternative investment manager. Dustin Stolly, Aaron Appel, Adam Schwartz, Keith Kurland, Jonathan Schwartz, Sean Reimer and Sean Bastian 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.
