Walker & Dunlop, Inc. announced today that it has secured a $778.6 million construction loan to support the office-to-residential conversion of 111 Wall Street, situated along the East River in Lower Manhattan’s Financial District.
This financing closure represents the largest single-building office-to-residential conversion loan in both New York City history and nationwide.
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.
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.
Dustin Stolly, senior managing director at Walker & Dunlop told investors, “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. 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strong, and projects like 111 Wall Street address both the growing need for housing and the repositioning of outdated, underutilized office assets.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.”
Michael Gontar, CEO at InterVest capital partners stated, “111 Wall Street exemplifies InterVest’s commitment to identifying and executing complex, value-add opportunities in dynamic urban market.”
“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.”
By CEO NA Editorial Staff
