NEW YORK CITY—Confirming industry rumors that have surroundedthe property for several months, the ClaremontGroup is planning to convert 99 Wall St., a 26-storyoffice building in the Financial District, into luxurycondominiums. CBRE CapitalMarkets' debt & structured finance team arranged a$52.4- million construction loan to facilitate the conversion, withfinancing provided by Cornerstone Real EstateAdvisors.
CBRE's Mark Fisher led the financing, athree-year, non-recourse construction loan that funded thedifference between the value of the existing building and the totalcost of construction. The Libor-based, floating-rate loan waspriced in the low-middle single digits.
“Since this is a luxury condominium project in a top FiDilocation being developed by the Claremont Group, an experienced andwell respected New York City-based developer, we had a lot ofinterest from the financial community,” Fisher says. “CornerstoneAdvisors emerged as the winning bidder with its non-recoursepricing and flexible loan terms.”
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
