4 days ago
Wall Street Tower Seeks $850 Million for Residential Conversion
Developers are seeking a construction loan of about $850 million to convert Manhattan's 111 Wall St. into more than 1,500 apartments in what would be one of the largest office-to-residential projects in the city's history.
InterVest Capital Partners is working with advisers from Walker & Dunlop New York Capital Markets to line up financing for the transformation, people familiar with the process said. The loan would represent about 65% of the total project costs and allow for the addition of five stories to the existing building, according to one of the people, who asked not to be named discussing the financing process.
