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Walker & Dunlop Capital Markets Institutional Advisory arranged a $778.6 million construction loan to facilitate the largest single-building office-to-residential conversion in New York City history. 111 Wall Street, is located along the East River waterfront in Lower Manhattan’s Financial District. 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.
Led by Dustin Stolly, Aaron Appel, Adam Schwartz, Keith Kurland, Jonathan Schwartz, Sean Reimer, and Sean Bastian, the team arranged the loan on behalf of InterVest capital partners, a global alternative investment manager. The team arranged the financing from Apollo Global Management, J.P. Morgan Chase & Co., and TYKO Capital.
“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strong, and projects like 111 Wall Street address both the growing need for housing and the repositioning of outdated, underutilized office assets.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.”