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.

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