Walker & Dunlop has structured $778.6 million (€718.5 million) in financing for the conversion of 111 Wall Street, a 24-story vacant office tower in Lower Manhattan, into a 30-story luxury residential development with 1,568 rental units. 

The project, on the East River waterfront, includes a five-story overbuild, redesigned lobby, and 7,000 square feet of ground-floor retail. Approximately 25% of units will be designated as affordable housing under New York City’s Affordable Housing Conversion Program.

The financing, arranged on behalf of global alternative investment manager InterVest Capital Partners, includes contributions from Apollo Global Management, J.P. Morgan Chase & Co., and TYKO Capital. The total project capitalisation rises to $867 million (€797.5 million) when incorporating an existing $88.4 million C-PACE loan.

“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 Dustin 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strong, and projects like 111 Wall Street address both the growing need for housing and the repositioning of outdated, underutilised office assets.”

The development team comprises MetroLoft Development as developer, Collaborative Construction Management as construction manager, Gensler as architect of record, and Corcoran New Development for marketing and leasing.

111 Wall Street will feature high-end amenities rivaling luxury condominiums, including a wellness suite with spa, golf simulator, bowling alley, and social lounges; co-working spaces; full-service fitness centre; rooftop sports facilities including New York’s only NBA regulation rooftop court; pool, jogging track, and panoramic views of Manhattan and Brooklyn.

See the full article on 111 Wall Street’s transformation and Walker & Dunlop’s financing leadership in urban redevelopment.

(Photo Credits to Gensler)