CBRE Capital Markets’ Debt & Structured Finance team has arranged a $52.4 million construction loan to facilitate the conversion of 99 Wall Street, a 100,000 s/f, 26-story building in Downtown Manhattan, into luxury condominiums on behalf of New York City developer, The Claremont Group.
Mark Fisher of CBRE’s Midtown Manhattan office led the financing.
99 Wall Street
The three-year, non-recourse construction loan 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.
Fisher said, “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.
“Cornerstone Advisors emerged as the winning bidder with its non-recourse pricing and flexible loan terms.”
John Lari, principal, The Claremont Group, admitted the project “took a couple of twists and turns.ˮBut he added, “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 Street has 2,500 s/f of ground-floor retail space and views of the East River.
