Harry Macklowe’s Macklowe Properties is in the market for a $1 billion senior construction loan for its residential conversion of the office skyscraper at One Wall Street, sources told The Real Deal.
The loan would comprise roughly two-thirds of the total construction cost, which has been pegged at $1.5 billion.
From left: Dustin Stolly and Aaron Appel
The conversion of the 50-story tower is expected to hold roughly 500 apartments, the majority of which will be condominium units. The remainder will be rentals, though the mix hasn’t been revealed.
The developer, which along with CIM Group is also behind 432 Park, hired residential brokerage CORE to market the apartments. Sales are set to launch in 2017, though prices have yet to be determined.
Whole Foods recently signed a lease for 44,000 square feet of the total 155,000-square-foot retail component.
A JLL team led by Dustin Stolly, Aaron Appel and Kellogg Gaines is handling the search for the financing. They declined to comment, as did a spokesperson for Macklowe.
Elsewhere in the Financial District, the developers of supertalls at 125 Greenwich Street and 45 Broad Street are in the process of securing construction financing as traditional banks tighten lending practices.