NEW YORK CITY—Confirming industry rumors that have surrounded the property for several months, the Claremont Group is planning to convert 99 Wall St., a 26-story office building in the Financial District, into luxury condominiums. CBRE Capital Markets' debt & structured finance team arranged a $52.4- million construction loan to facilitate the conversion, with financing provided by Cornerstone Real Estate Advisors.
CBRE's Mark Fisher led the financing, a three-year, non-recourse construction loan that funded the difference between the value of the existing building and the total cost of construction. The Libor-based, floating-rate loan was priced in the low-middle single digits.
“Since this is a luxury condominium project in a top FiDi location being developed by the Claremont Group, an experienced and well respected New York City-based developer, we had a lot of interest from the financial community,” Fisher says. “Cornerstone Advisors emerged as the winning bidder with its non-recourse pricing and flexible loan terms.”
John Lari, principal with Claremont, adds that the project took “a couple of twists and turns, but CBRE was able to navigate the deal to a successful close. Cornerstone was also a pleasure to work with.”
Located at the corner of Water Street, 99 Wall contains 2,500 square feet of ground-floor retail space. The Claremont Group acquired the 100,000-square-foot, 83-year-old property in 2004 for $23.3 million, according to Real Capital Analytics.
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