{"id":31354,"date":"2021-06-16T07:33:58","date_gmt":"2021-06-16T04:33:58","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=31354"},"modified":"2025-03-25T14:40:26","modified_gmt":"2025-03-25T11:40:26","slug":"wafra-500-million-loan-111-wall-st","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/wafra-500-million-loan-111-wall-st\/","title":{"rendered":"Wafra Secures $500 Million Construction Loan for 111 Wall St"},"content":{"rendered":"

A joint venture between Nightingale and Kuwait-backed investment fund Wafra Capital Partners secured $500 million in financing for renovations at 111 Wall St., in what is the largest office loan deal for a New York City office space<\/a> since the onset of the pandemic.<\/p>\n

The mortgage is sponsored by several entities \u2013 including PIMCO, Oaktree Capital, Bain Capital and SKW Funding. Newmark\u2019s\u00a0Dustin Stolly,\u00a0Jordan Roeschlaub\u00a0and\u00a0Nick Scribani\u00a0negotiated the terms of the debt for the 24-story building.<\/p>\n

\u201c111 Wall\u2019s attractive basis \u2014 coupled with an exceptional business plan and lead by best-in-class, institutional joint-venture partners \u2014 allowed lenders to be comfortable with a large office redevelopment on the heels of COVID,\u201d Roeschlaub said.<\/p>\n

Despite calls for workers to return to their desks, only about 18% of them had returned to their offices<\/a>, and Manhattan vacancy rates have yet to revert to their pre-pandemic levels. However, Stolly found reasons for optimism regarding the future of the market.<\/p>\n

\u201cThe hallmark financing of 111 Wall St. enables the joint-venture partners to capitalize on the recovery and re-emergence of New York City as the market comes roaring back, specifically for best-in-class and bespoke office product,\u201d he said.<\/p>\n

\"Manhattan

111 Wall Street, New York<\/p><\/div>\n

The loan will fund a complete overhaul of 111 Wall St.<\/a> led by Studios Architecture and will last approximately two years. The building will be outfitted with the latest in touchless and smart-building technology<\/a> \u2014 including floor-to-ceiling View Smart Glass windows, which can detect incoming clouds and adjust the tint accordingly for optimal light conditions. The project will also boast a 125-seat conference center; an event space; a bike and scooter charging room; upscale food and beverage options for tenants; a caf\u00e9 and barista bar; and a fitness center known as 111 WELL.<\/p>\n

Wafra and Nightingale acquired the 1.2-million-square-foot property from Zurich Alternative Asset Management in January 2020 for $284 million, paying roughly $287 per square foot. They also took ownership of the ground lease for 111 Wall St.<\/a> for another $175 million.<\/p>\n

The property occupies an entire block between Wall Street and Gouverneur Lane, with immediate access to mass-transit via Wall Street Pier 11 (serviced by NYC Ferry, NY Waterway, NY Water Taxi, SeaStreak and New York Beach Ferry); several subway lines; and the Wall Street Helipad.<\/p>\n","protected":false},"excerpt":{"rendered":"

The loan will fund a complete overhaul of 111 Wall St. led by Studios Architecture and will last approximately two years. The building will be outfitted with the latest in touchless and smart-building technology.<\/p>\n","protected":false},"author":56,"featured_media":19299,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37,38,4014,39],"tags":[],"class_list":["post-31354","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-featured","category-office","wpautop"],"acf":[],"yoast_head":"\nWafra Secures Construction Loan for 111 Wall St - CommercialCafe<\/title>\n<meta name=\"description\" content=\"Wafra Capital Partners secured $500 million in financing for renovations at 111 Wall St., in what is the largest office loan for a...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialcafe.com\/blog\/wafra-500-million-loan-111-wall-st\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wafra Secures $500 Million Construction Loan for 111 Wall St\" \/>\n<meta property=\"og:description\" content=\"Wafra Capital Partners secured $500 million in financing for renovations at 111 Wall St., in what is the largest office loan for a...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialcafe.com\/blog\/wafra-500-million-loan-111-wall-st\/\" \/>\n<meta property=\"og:site_name\" content=\"CommercialCafe\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-16T04:33:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-03-25T11:40:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/Lower_Manhattan_One_World_Trade_Center.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Diana Sabau\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Diana Sabau\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/wafra-500-million-loan-111-wall-st\/\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/wafra-500-million-loan-111-wall-st\/\",\"name\":\"Wafra Secures Construction Loan for 111 Wall St - 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