99 Wall Goes Condo With $52M From Cornerstone Real Estate Advisers

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99 Wall Street
99 Wall Street

The Claremont Group will turn FiDi office building 99 Wall Street into residential condominiums with $52.4 million from Cornerstone Real Estate Advisers, Mortgage Observer has learned. Cornerstone, a subsidiary of Massachusetts Mutual Life Company, provided a Libor-based, floating-rate loan with an interest rate “in the low-middle single digits,” according to a representative for CBRE, which brokered the loan. The three-year loan funds the difference between the value of the building and the cost of construction and is non-recourse, the representative said.

Rumors about the 25-story building’s conversion had been floating around since June, when The Real Deal first reported that tenants’ leases were not being renewed.

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Luxury residential condominiums are planned for the building, though details on the project so far are scant. A call to Claremont was not immediately returned.

Mark Fisher of CBRE’s Midtown office led the negotiations for the financing.

“We had a lot of interest from the financial community,” Mr. Fisher said in a statement provided exclusively to Mortgage Observer. “Cornerstone Advisers emerged as the winning bidder with its non-recourse pricing and flexible loan terms.”