$867M Financing on 111 Wall St. Sets New High for Office-to-Residential Conversions

Walker & Dunlop, Inc. arranged a $778.6-million construction loan to facilitate the office-to-residential conversion of 111 Wall St. in Lower Manhattan’s Financial District. The closing of this financing reportedly marks the largest single-building office-to-residential conversion loan in New York City history and the country. Walker & Dunlop also advised on the extension of an existing $88.4-million C-PACE loan from Petros, bringing the total financing package to $867 million.

The Walker & Dunlop Capital Markets Institutional Advisory Practice arranged the loan on behalf of InterVest capital partners, a global alternative investment manager. Dustin Stolly, Aaron Appel, Adam Schwartz, Keith Kurland, Jonathan Schwartz, Sean Reimer and Sean Bastian arranged the financing from Apollo Global Management, JPMorgan Chase and TYKO Capital.

Originally built in 1968, 111 Wall St. is currently a 24-story, fully vacant office tower being converted into a 30-story luxury residential rental community. It will feature approximately 1,568 rental units.

“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. “Manhattan’s apartment demand remains exceptionally strong, and projects like 111 Wall St. address both the growing need for housing and the repositioning of outdated, underutilized office assets.”

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