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.
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.