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Walker & Dunlop structured the transaction using staggered maturities across a mix of fixed and floating-rate, full-term, interest only financing.

The developer secured a $92 million construction loan, in addition to Opportunity Zone funding, for the 403-unit, Maryland asset.

The mayor stated on Wednesday that he will sign an Executive Order allowing construction work in the city to begin again on Friday morning with strict limitations in order to limit the spread of COVID-19.

A host of other publicly-traded real estate companies, including Simon Property Group, Vornado Realty Trust, CBRE Group and Cushman & Wakefield, have made similar reductions in compensation.

The 10-story, Class A office building was traded by Jersey City-based Mack-Cali Realty Corp. to an undisclosed private investor.

"Despite the trying times we're living in now, the successful completion of this deal is proof of Manhattan's office sector resilience, says Ted Koltis.

The property was originally built in 2000 as part of the Merrill Lynch corporate campus and consists of three office buildings totaling 380,417 square feet.

The company is also using the financing to begin construction on a separate 330-unit multifamily development project in the nearby city of Plantation.