JV Secures $500M-Plus Loan to Redevelop 111 Wall St.
Nightingale Properties and Wafra Capital Partners have secured the acquisition and construction loan to reposition the 1.2M-SF Manhattan office tower.
NEW YORK – Institutional joint-venture partners, Nightingale Properties and Wafra Capital Partners have secured a more than $500 million acquisition and construction loan to reposition and redevelop the 1.2 million-square-foot property, 111 Wall St.
Utilizing the debt package, the partners plan to reposition the 25-story property into a class A office destination in downtown Manhattan. The redevelopment will include customizable office space designed by Studios Architecture and tenant amenities designed by URBN Playground. The partners will implement touchless and smart-building technology throughout the tower.
The partners will additionally implement a tenant-only amenity program totaling more than 40,000 square feet across the property’s basement and ground floor. The tenant amenities will comprise a 125-seat conference center, a multi-purpose room, event space, a bike and scooter charging room, a café and barista bar and a fitness center.
The redevelopment project will also include the installation of a new curtain wall, floor-to-ceiling View Smart Glass windows, new destination dispatch elevators, state-of-the-art MEP systems, VRF HVAC systems and an expanded and transformed office lobby.
Upon completion, 111 Wall St. will be LEED Silver certified and Wiredscore certified.
Newark arranged the acquisition and construction loan on behalf of the joint-venture partnership. The Newmark team that secured the debt was led by vice chairmen and co-heads of the firm’s New York debt & structured finance team, Dustin Stolly and Jordan Roeschlaub.
For the transaction, Blaivas & Associates’ David Blaivas advised Nightingale Properties and Rosenberg & Estis’ Michael Lefkowitz advised Wafra Capital Partners.
“The exceptional track record, experience and financial wherewithal of Nightingale and WCP collectively was instrumental in this innovative financing during one of the most challenging financing environments in history,” states Stolly.
Stolly adds, “The hallmark financing of 111 Wall Street enables the joint-venture partners to capitalize on the recovery and re-emergence of New York City market, specifically for best-in-class and bespoke office product.”
The partnership between Nightingale Properties and Wafra Capital Partners currently holds joint interests in properties and development projects, totaling more than five million square feet.