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<\/p>\nInterVest Capital Partners and Metro Loft have scored an $867M conversion loan to turn\u00a0a formerly troubled Financial District\u00a0office tower into a massive apartment building.<\/p>\n
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\n InterVest Capital Partners and Metro Loft plan to convert 111 Wall St. into a 30-story luxury apartment building.\n <\/p>\n
The\u00a0deal\u00a0is the largest office-to-residential\u00a0financing package\u00a0for a single-building conversion in U.S. history, according to a release. Apollo Global Management, JPMorgan Chase and Tyko Capital provided the debt.<\/p>\n
The developers\u00a0are\u00a0converting the 24-story office tower into a 30-story luxury rental apartment building with 1,568 units and 7K SF of ground-floor retail. A quarter of the units will be reserved as affordable housing.<\/p>\n
The financing includes a $700M senior loan and a $167M mezzanine loan, with $779M in new debt and the restructuring of an existing $88.4M C-PACE loan\u00a0from Petros PACE Finance, Commercial Observer reported<\/a>.<\/p>\n Roughly\u00a04.3M SF of office space\u00a0was taken offline for conversion projects this year, and\u00a0another 9.5M SF of\u00a0former workspace<\/a>\u00a0is expected to kick off conversion to new housing next\u00a0year, according to Cushman & Wakefield data provided to Bisnow.<\/p>\n Walker & Dunlop’s Dustin Stolly, Aaron Appel, Adam Schwartz, Keith Kurland, Jonathan Schwartz, Sean Reimer and Sean Bastian brokered the deal.<\/p>\n InterVest brought on Metro Loft as a partner after\u00a0almost losing 111 Wall to foreclosure<\/a>\u00a0when it and its former partner, Nightingale Properties, defaulted on its $500M financing package. Nightingale was removed as a partner after its CEO, Elie Schwartz, was investigated for and ultimately\u00a0convicted this year<\/a> of defrauding investors out of $54M.\u00a0<\/p>\n TOP FINANCING DEALS<\/p>\n Naftali Group and Access Industries landed\u00a0a $525M construction loan for the second phase of Williamsburg Wharf, a master-planned, five-building development. The loan, provided by JPMorgan Chase and GoldenTree Asset Management, will finance 363 for-sale residential units at 80 Wharf Way and refinance existing debt for\u00a0the property\u2019s acquisition and closing costs. Walker & Dunlop\u2019s \u202fKeith Kurland,\u202fAaron Appel,\u202fDustin Stolly, Jonathan Schwartz,\u202fAdam Schwartz,\u202fSean Reimer, Ari Hirt and Stanley Cayre brokered the deal.<\/p>\n ***<\/p>\n Brookfield Properties and WatermanClark refinanced Lever House, a 21-story office at 390 Park Ave., with a $150M loan from Bank of New York Mellon, Commercial Observer reported<\/a>. CBRE\u2019s Tom Rugg, Tom Traynor, Mark Finan and Henry Fenmore brokered the deal.<\/p>\n ***<\/p>\n Ian Schrager refinanced the Public Hotel, a 28-story, 367-key hotel on the Lower East Side,\u00a0for\u00a0$310M,\u00a0Commercial Observer reported<\/a>. JPMorgan Chase provided a single-asset, single-borrower CMBS loan for the property at 215 Chrystie St., while Tikehau Capital provided a $57M mezzanine loan. Newmark\u2019s Jordan Roeschlaub, Jonathan Firestone, Nick Scribani and Tyler Dumon arranged the financing.<\/p>\n ***<\/p>\n Carlyle Group provided a $640M condo inventory loan to Rabina for 520 Fifth Ave., retiring a $540M construction loan from Bank OZK and Carlyle\u2019s global credit business,\u00a0The Real Deal reported<\/a>. Sales for the 100 luxury condos in the 1,000-foot building launched in April 2024.\u00a0<\/p>\n TOP LEASES<\/p>\n \n Law firm Thompson Coburn renewed and extended at The Feil Organization’s 488 Madison Ave.\n <\/p>\n Law firm Thompson Coburn renewed its 46K SF lease at The Feil Organization\u2019s 488 Madison Ave., staying put on the 14th and 15th floors. The 447K SF office tower is over 90% leased. Andrew Wiener, Tim Parlante and Kyle Young represented Feil in-house. Savills\u2019 Joe Learner and Jarod Stern and JLL\u2019s Chris Krause repped the tenant.<\/p>\n ***<\/p>\n Three entities under insurance company Tokio Marine Group\u00a0are taking a total of 24K SF across two floors at The Durst Organization\u2019s 825 Third Ave. Tokio Marine America and Tokio Marine North America Services are relocating from 590 Madison Ave., while Tokio Marine HCC is relocating from 600 Lexington Ave.\u00a0Tom Bow, Ashlea Aaron, Bailey Caliban and Sayo Kamara represented the landlord in-house. JLL\u2019s Cynthia Wasserberger, Carlee Palmer and Jakob Cohn represented TMA and TMNAS, while Savills\u2019 Mike Catalano, Jeffrey Peck, Daniel Horowitz and Jacob Stern represented TMHCC.\u00a0<\/p>\n ***<\/p>\n Coworking firm Jay Suites signed for 30K SF at Quinlan Development Group and Building and Land Technology\u2019s Pioneer Building at 41 Flatbush Ave. in a direct deal, Commercial Observer reported<\/a>. Jay Suites joins a tenant roster that includes Merit Hill Capital and EnergyHub.<\/p>\n ***<\/p>\n Ratings agency Moody\u2019s is relocating<\/a>\u00a0from 7 World Trade Center to 200 Liberty St., a 40-story\u00a0tower\u00a0in Brookfield Place. The 460K SF lease is a downsizing for Moody\u2019s, which has 760K SF at 7 WTC, but is still one of 2025\u2019s largest leases. Cushman & Wakefield’s Robert Lowe, John Cefaly, Paige Engledrum, Ed Donnery, Michael Montesi and Nicholas Dysenchuk represented Moody’s. JLL\u2019s Paul Glickman, John Wheeler and Christine Colley represented landlord Brookfield, alongside an in-house team of\u00a0Mikael Nahmias, Dan Roberts and Andrew Dunn.<\/p>\n TOP SALES<\/p>\n \n The Stewart Hotel in Manhattan\n <\/p>\n Slate Property Group and Breaking Ground acquired the Stewart Hotel at 371 Seventh Ave. for $255M, according to a release. The duo plans to convert the 31-story, 611-room hotel \u2014 closed since 2022 \u2014 into 579 homes for low-income households and formerly homeless individuals. The sellers were Jack Yadidi\u2019s Sioni Group and Isaac Chetrit\u2019s Patriarch Equities, The Real Deal reported<\/a>. The developers secured roughly $250M in financing, including state and local funding.\u00a0<\/p>\n ***<\/p>\n Brookfield swallowed a loss on a South Bronx industrial building this week in a sale to California-based LBA Realty, according to city property records.\u00a0A fund controlled by the asset management giant sold\u00a0845 E. 136th St. for $21.7M five years after acquiring it from AEW and MRP Realty for $27.9M. The 80K SF property was fully available as of\u00a0a listing from<\/a> 2024 via LoopNet.<\/p>\n ***<\/p>\n Klosed Properties and Namdar Realty Group acquired 140 Essex St., a 10K SF, fully leased retail condo in Essex Crossing, for $7.5M from Taconic Capital. Tenants include 375 Showroom and Everything\u2019s Fine.\u00a0<\/p>\n ***<\/p>\n<\/p>\n<\/p>\n