**Developer Seeks $850M Loan for FiDi Office-to-Residential Conversion**
InterVest Capital Partners is seeking a construction loan of approximately $850 million to transform 111 Wall Street in Lower Manhattan’s Financial District into more than 1,500 residential units.
The developer is working in collaboration with Walker & Dunlop New York Capital Markets to secure the financing. The proposed loan would account for about 65% of the total project cost and would support plans to add five additional stories to the existing building.
InterVest, formerly known as Wafra Capital Partners, is partnering with Metro Loft, led by Nathan Berman, which specializes in office-to-residential conversions.
This planned redevelopment marks a significant shift from InterVest’s original vision for the property. In 2021, the firm secured a $500 million debt package through Newmark with the intention of converting the building into a premier Class A office destination. However, the post-pandemic downturn in office space demand has led the company to pivot toward residential use.
If completed, the project would be one of the largest office-to-residential conversions in New York City history.
