Historic, $867 Million Residential Conversion Loan in Place for 111 Wall St.
The ongoing New York City trend of office-to-residential conversions saw the largest single-building office-to-residential loan in U.S. history. The package worth $867 million will see the transformation of the currently vacant 111 Wall St. — a 24-story office tower with 1.1 million square feet in the Financial District — into luxury apartments.
Lead developers InterVest Capital Partners, in conjunction with partner and conversion specialist Metro Loft Management, will work with renowned architect Gensler to convert the property into a 30-story luxury rental building. Plans call for the addition of up to six stories with approximately 1,568 units, which will include roughly 391 affordable housing units, or around one-quarter of all apartments. There will also be 7,000 square feet of ground-floor retail.
Developers secured the financing to repurpose the property, which had been plagued by financial troubles. The loan package included roughly $779 million in new debt plus the restructuring and extension of an existing $88.4 million Commercial Property Assessed Clean Energy loan from Petros PACE Finance.
Lenders were Apollo Global Management; JPMorgan Chase & Co.; and TYKO Capital.
The financing, which closed on December 18, comes after a troubled history for the property, which served as Citigroup’s back-office space until the bank vacated in 2020. The current project faced significant setbacks, including a partner’s removal due to fraud convictions and foreclosure proceedings in 2023 before Metro Loft Management came in as a rescue partner with its track record in office-to-residential conversions.
Brokers included Walker & Dunlop’s Dustin Stolly, Aaron Appel, Adam Schwartz, Keith Kurland, Jonathan Schwartz, Sean Reimer and Sean Bastian.
Built in 1966, the loan deal for conversion of 111 Wall St. comes as older office buildings in Manhattan, many of which are in FiDi, have missed out on the same renewal in interest seen in newer office stock that’s found more frequently in the likes of Midtown. According to Cushman & Wakefield, 4.3 million square feet of NYC office space was taken offline for conversions in 2025, with 9.5 million more expected in 2026.
The wave of conversions comes amid ongoing housing supply concerns. A recent report featured by the New York Post noted that the construction of multifamily housing is nowhere near the need, and construction is behind schedule to meet the 500,000-unit goal set by Mayor Adams for completion by 2032.