Oaktree Capital Management is foreclosing on a $100 loan backed by 111 Wall Street, an office redevelopment project in Lower Manhattan.
Nightingale Properties and InterVest Capital Partners own the 1.2M SF tower, which was built in 1968. The partners lined up a $500M financing package to fund the modernization of the 24-story building in 2021.
The renovation is almost finished, but the building remains vacant and the owners have fallen behind on their debt payments, including a $100M mezzanine loan held by Oaktree, Green Street reported.
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