New York Metropolis will head into subsequent 12 months with a brand new titleholder for the biggest office-to-residential financing.
InterVest Capital Companions and Nathan Berman’s Metro Loft Administration scored $779 million in financing for his or her conversion of 111 Wall Avenue within the Monetary DIstrict, Bloomberg reported. Apollo International Administration, JPMorgan Chase and Adi Chugh’s Tyko Capital offered the financing.
Moreover, InterVest and Metro Loft prolonged a earlier mortgage on the venture, bringing the whole financing for the event as much as $867 million.
The financing is split between a $700 million senior mortgage and $167 million in mezzanine debt, in line with the Commercial Observer.
A Walker & Dunlop crew together with Dustin Stolly, Aaron Appel and Adam Schwartz organized the historic financing.
Final 12 months, Metro Loft and InterVest reached an agreement to transform the 1.2-million-square-foot workplace constructing into hundreds of residential models.
InterVest purchased the workplace constructing in 2019 with Nightingale Properties for $175 million, however confronted foreclosures from lender Oaktree Capital Administration in 2023 earlier than the pivot to a conversion led Oaktree to name off the canines.
The redevelopment will see the companions tack 5 flooring onto the prevailing 24-story construction and renovate the foyer. There can be a complete of 1,568 models, roughly 25 p.c of which can be put aside for these incomes a median of 80 p.c of the realm median revenue.
The venture will even embody a plethora of facilities, together with a spa, golf simulator, rooftop basketball and padel courts. Gensler is designing the venture, which is predicted to wrap subsequent 12 months.
As for the earlier report for an office-to-residential financing package deal within the metropolis? That title additionally belonged to Berman; within the spring, Metro Loft and David Werner secured a $720 million loan from Madison Realty Capital to transform the previous Pfizer headquarters in Midtown East right into a 1,600-unit residential constructing.
Learn extra
Metro Loft, David Werner close record loan for office-to-resi conversion
Nathan Berman, InterVest move forward with 111 Wall conversion
InterVest in talks to convert empty 111 Wall Street into residential
