Walker & Dunlop Arranges $867 Million Financing Package for the Largest Single-Building, Office-to-Residential Conversion in the U.S.
Walker & Dunlop, Inc. announced today 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 the country.
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111 Wall Rendering. Photo Credit: Gensler
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.
Originally built in 1968, 111 Wall Street is currently a 24-story, fully vacant office tower being converted into a 30-story luxury residential rental community. The project includes a five-story overbuild, a fully redesigned lobby, and will feature approximately 1,568 rental units across more than 899,000 rentable square feet, including open layouts, perpetually protected water views, condo-level finishes, and over 100,000 square feet of luxury amenities. The redevelopment will also include 7,000 rentable square feet of ground floor retail. Approximately 25% of the units will be designated as affordable housing for residents earning an average of 80% of Area Median Income (AMI), qualifying the project for New York City's Affordable Housing Conversion Program.
"With office vacancies still elevated post-pandemic, we are seeing developers and global capital providers increasingly turning to residential conversions as a practical path forward," said Stolly, senior managing director at Walker & Dunlop. "Manhattan's apartment demand remains exceptionally strong, and projects like 111 Wall Street address both the growing need for housing and the repositioning of outdated, underutilized office assets. This project underscores continued investor confidence in large-scale adaptive reuse in core urban markets. We are pleased to work with InterVest, its development partners, and trusted lenders on this transformative conversion."
The amenity program is designed to rival luxury condominium offerings and position 111 Wall Street as a premier downtown Manhattan rental property. Highlights include a wellness and recreation suite with a spa, golf simulator, bowling alley, and social lounges; a full-service, state-of-the-art fitness center, café, and co-working spaces; and a signature rooftop with climate-controlled basketball and padel courts and New York City's only rooftop NBA regulation court, along with a pool, jogging track, outdoor fitness area, and panoramic views of the waterfront and Manhattan and Brooklyn skylines. Additional amenities include a 24/7 lobby, concierge services, tenant storage, and a curated mix of lifestyle spaces.
"111 Wall Street exemplifies InterVest's commitment to identifying and executing complex, value-add opportunities in dynamic urban markets," said Michael Gontar, CEO at InterVest capital partners. "This project captures the evolving demand for high-quality residential living in Lower Manhattan. The building's scale, prime waterfront location, and exceptional amenity offering positions it to attract strong and sustained tenant interest. Adaptive reuse projects like this are a hallmark of one of our investment strategies, transforming underutilized assets into best-in-class residential communities that serve growing populations, revitalize neighborhoods, and address the housing shortage in New York City. We're grateful to Walker & Dunlop, our lending partners, and the entire development team for their collaboration in bringing this transformative vision to life."
The development team includes MetroLoft Development as developer, Collaborative Construction Management as construction manager, Gensler as architect of record, and Corcoran New Development as marketing and leasing agent.
"We're excited to be working with InterVest and Walker & Dunlop on this iconic property, which will bring much-needed new housing to the city and one of its most vibrant neighborhoods," said Nathan Berman, managing principal and founder of Metro Loft.
111 Wall Street's premier waterfront location along South Street and the East River waterfront distinguishes it from most other residential offerings in the Financial District, offering sweeping views of the East River, Brooklyn skyline, the Brooklyn and Manhattan bridges, as well as city views. Its positioning within the neighborhood also provides for ease of access to various transportation options, including immediate access to premier lifestyle amenities including Brookfield Place, the South Street Seaport, Westfield World Trade Center Mall, and the Tin Building by Jean-Georges.
In 2024, Walker & Dunlop's Capital Markets team sourced over $16 billion from non-Agency capital providers. This vast experience has made them a top advisor on all asset classes for many of the industry's top developers, owners, and operators. To learn more about Walker & Dunlop's broad financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE:WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
About InterVest capital partners
InterVest capital partners ("InterVest") is a New York-based global alternative investment manager specializing in real estate, specialty finance, and asset-based lending. Since its inception, InterVest has invested $25 billion in alternative strategies and is 100% employee-owned and controlled, with teams in New York, London, and Luxembourg investing across North America, the United Kingdom, and Europe. To date, the company has invested over $10.7 billion in US real estate mandates.
About Metro Loft
MetroLoft Developers, LLC is a vertically integrated real estate development and management company founded in 1995 by Nathan Berman, who continues to serve as the managing principal. As a pioneer in the residential development of Lower Manhattan, MetroLoft has spent the past three decades redeveloping some of the most iconic buildings in downtown New York City, including landmarks such as 443 Greenwich St., 20 Exchange Place and 63 Wall St. Metro Loft is responsible for the acquisition, development and management of some of the most notable condominium and rental buildings in Lower Manhattan. Our reputation as a leading commercial-to-residential development firm is built upon our approach and vision to preserve the details that make each property unique and to elevate them through modern design and amenities.
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