Northwind Group has originated a $219 million first-mortgage construction loan to finance the conversion of a portion of 100 Wall Street in Lower Manhattan into 168 rental apartments while preserving the upper portion of the building as office space.
The 29-story property totals approximately 463,000 square feet and is located in Manhattan’s Financial District.
Loan proceeds were used to repay existing debt and will finance the conversion of floors 2 through 11 into residential units.
Floors 15 through 29 are more than 95% occupied and will remain office space, creating a mixed-use property combining residential and commercial tenants.
The conversion is being led by a joint venture between Lloyd Goldman’s BLDG and David Werner Real Estate Investments.
The sponsors acquired 100 Wall Street in July 2024 and subsequently relocated office tenants from the lower floors into the building’s upper levels to prepare the property for redevelopment.
Northwind previously provided a $95 million pre-development loan for the property. The new $219 million financing expands that relationship into the project’s construction phase.
The building’s physical configuration is well suited to adaptive reuse.
Its floor plates provide relatively efficient spacing between windows and the building core, while its freestanding design allows natural light and air to reach the property from four sides.
The property also already has two separate elevator banks, enabling the residential and office portions to maintain distinct access.
Planned residential amenities include a swimming pool, fitness center, sports simulator, theater and rooftop deck with an outdoor kitchen.
Triton Construction will serve as construction manager, while Gensler Architecture, Design & Planning has been retained as executive architect.
Northwind provided the financing through its discretionary debt fund platform as part of a strategy targeting institutional-quality office-to-residential conversions in supply-constrained markets.
The firm said 100 Wall Street represents the eighth conversion project it has financed in New York City.
Northwind has completed more than $11 billion of U.S. real estate transactions involving over 400 real estate and healthcare properties across 28 states.
The financing comes as New York developers increasingly explore conversions of older office properties in response to changing workplace patterns and continued demand for housing.
KEY QUOTES:
“We’re very pleased to be moving ahead with the next phase of 100 Wall Street.”
“Lloyd Goldman and the BLDG team have been terrific partners.”
David Werner, President of David Werner Real Estate Investments
“100 Wall Street is uniquely suited for adaptive reuse, allowing us to create 168 luxury residences while maintaining a Class A office component with best-in-class amenities.”
Justin Kleinman, Executive Vice President and COO of BLDG
“We believe 100 Wall Street is an ideal conversion that will deliver 168 much-needed residential units to the city and the fact that the office component is already over 95% occupied and cash flowing is very positive.”
Ran Eliasaf, Founder and Managing Partner of Northwind Group
