Macklowe Seeking $1.1B Refi for One Wall Street

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Harry Macklowe is in the market for a roughly $1 billion debt package to refinance One Wall Street

The developer’s Macklowe Properties and his equity partner, Hamad bin Khalifa Al Thani of Qatar Royal, are working on the debt request with Newmark. The ask is for a five-year, non-recourse loan of at least $1.1 billion for the former office tower, which is undergoing a conversion into luxury condominiums. Bloomberg first reported the news.

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The loan-to-cost ratio sought is roughly 48 percent, and the refinance will retire $806 million of construction debt on the property, provided by Deutsche Bank in November 2018.

Dustin Stolly and Jordan Roeschlaub, co-heads of Newmark’s New York debt and structured finance team, are leading the request for proposals. Officials at Macklowe Properties and Newmark did not immediately return requests for comment.

Macklowe, 85, told Commercial Observer earlier this month that more than 50 percent of the planned 566 condos in the 56-story building will have space for home offices, which was envisioned five years ago before remote working trends accelerated during the COVID-19 pandemic. 

He said prices are in the range of $2,500 to $3,000 per square foot and around $4,000 in the higher elevations.  

An offering memorandum stated that remaining construction work at One Wall Street is slated for completion by the end of 2022. The property has so far inked 64 contracts encompassing over $85 million in sales contracts, per the memo. 

Andrew Coen can be reached at acoen@commercialobserver.com