NEW YORK CITY — Walker & Dunlop has arranged $867 million in financing for an office-to-residential conversion project at 111 Wall Street in Lower Manhattan’s Financial District. The package consists of a $778.6 million construction loan with Apollo Global Management, J.P. Morgan Chase & Co. and TYKO Capital serving as lenders. Walker & Dunlop also advised on the extension of an existing $88.4 million C-PACE loan from Petros that remained in the capitalization. Walker & Dunlop’s team was led by Dustin Stolly, Aaron Appel, Adam Schwartz, Keith Kurland, Jonathan Schwartz, Sean Reimer and Sean Bastian. The borrower was InterVest Capital Partners. The project developer is Metro Loft Developers.
The 24-story office tower will be converted into a 30-story luxury rental building with approximately 1,568 units across 899,000 rentable square feet. Twenty five percent of the units will be set aside as affordable for households earning no more than 80 percent of area median income. The ground floor of the building will be home to 7,000 square feet of retail space. Gensler is the project architect. The building was constructed in 1968 and is currently fully vacant. Completion is slated for late 2026.