**Developer Seeks $850M for Office-to-Residential Conversion at 111 Wall Street**
InterVest Capital Partners is pursuing a construction loan of approximately $850 million to transform 111 Wall Street in Lower Manhattan’s Financial District into a residential tower with more than 1,500 apartments.
The developer is working with Walker & Dunlop New York Capital Markets to secure the financing for the large-scale adaptive reuse project. The proposed loan would account for roughly 65% of the total project cost and would support a plan to add five additional stories to the existing structure.
InterVest, formerly known as Wafra Capital Partners, is partnering with Nathan Berman’s Metro Loft, a firm known for its expertise in converting office properties into residential units.
This marks a shift from InterVest’s initial vision. In 2021, the firm secured a $500 million debt package through Newmark with the intention of redeveloping 111 Wall Street into a premium Class A office space. However, the pandemic-era downturn in office demand led the company to reconsider that approach in favor of a residential conversion—one that now stands to be among the largest in New York City history.
