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Corus Bank Makes $70M Loan for 63 Wall St.

NEW YORK CITY-Corus Bank secured a $70 million loan for the purchase and renovation of 63 Wall St. The owners intend to convert the office building into apartment units.

By Barbara Jarvie | Updated on July 16, 2003

NEW YORK CITY-Corus Bankshares Inc’s banking subsidiary, Corus Bank, finalized a $70 million loan to RBNB Wall Street Owner LLC to finance the purchase and renovation of the existing office building located at 63 Wall St. The 35-story office building, formerly the headquarters of the Brown Brothers Harriman, will be converted into 476 residential apartment units. The project, which should take approximately 16 months, will also include a ground floor retail space and 70-80 parking spaces.

Corus was able to finance the entire loan without any participant banks. Being the sole lender helps Corus simplify the loan process and build a strong relationship with the borrower, explains Corus senior VP John M. Barkidjija. RBNB Wall Street Owner’s principal Nathan Berman is in the process of applying for Liberty Bond financing that would ultimately pay off the Corus loan and give him a permanent loan, Barkidjija tells GlobeSt.com.

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