JV Lands $219M for FiDi Office-to-Resi Project
Ten floors will undergo redevelopment, while the others will continue to serve as office space.
A joint venture between BLDG Management Co. and David Werner Real Estate Investments has secured $219 million in construction financing for the partial office-to-residential conversion of 100 Wall St., in Manhattan’s Financial District.
Northwind Group issued the first mortgage loan through its discretionary debt fund platform. Polsinelli Group’s John Vavas represented Northwind in the deal.
Something old, something new in FiDi
The financing for 100 Wall St. retires the existing debt on the property, as well as fund the redevelopment of floors second through 11 into 168 rental apartments. The property’s 15th through 29th floors will continue to serve as office space, which is currently fully leased. Originally completed in 1969, the building underwent renovations in 2013, after which it achieved the LEED Silver certification.
Upon completion, the 463,000-square-foot 100 Wall St. will stand as a mixed-use, upscale property, featuring amenities including a pool, a fitness center, a sports simulator, a theater and a rooftop deck with an outdoor kitchen.
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The partnership acquired the 1969-completed 100 Wall St. in July 2024. For their redevelopment project, the firms have retained Triton Construction to serve as construction manager and Gensler Architecture, Design & Planning as executive architect. BLDG and Triton Construction have also recently completed and launched leasing at The Orchard, a 70-story residential tower in Queens’ Long Island City neighborhood which features 576 market-rate apartments and 248 affordable units.
The transaction comes less than a week after Northwind’s origination of a $208 million loan for another New York City office-to-residential conversion. The private equity firm provided construction financing for the partial redevelopment of 141 Willoughby St., a 24-story office tower in downtown Brooklyn. The project includes the transformation of floors eight through 23 into a 239-unit rental community, while the rest will remain commercial space.
