InterVest, Metro Loft Seal $867M Construction Loan for 111 Wall Street’s Conversion
By Cathy Cunningham December 19, 2025 3:16 pm
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The year isn’t done yet, and neither are the record-setting deals.
InterVest Capital Partners and partner Metro Loft just sealed a roughly $867 million construction loan to convert the office tower at 111 Wall Street to residential use, Commercial Observer has learned.
Tyko Capital, J.P. Morgan and Apollo Global Management are the lenders, sources said. The financing includes a new $779 million loan plus a restructuring of the existing $88.4 million C-PACE financing in the capital stack, sources said.
The deal, which closed Dec. 18, represents one of the largest office-to-resi conversion loan in the U.S., sources said, narrowly clipping Apollo and GIC’s $835 million loan for GFP Real Estate and Metro Loft’s conversion of 25 Water Street — a hop, skip and a jump from 111 Wall Street.
Walker & Dunlop’s Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Dustin Stolly and Sean Reimer negotiated the loan.
Bloomberg reported in May that a roughly $850 million loan was being sought by ownership to convert 111 Wall and add five stories to the existing structure in the process. As part of the conversion, InterVest is working with Nathan Berman’s MetroLoft — a pioneer of recent office-to-resi conversions in New York City and an ongoing go-to partner in the space for developers, including for conversions at 180 Water Street and 675 Third Avenue.
In September 2024, InterVest and Metro Loft signed an agreement to convert the 24-story, 1.1 million-square-foot office into luxury apartments, Commercial Observer reported at the time.
“We are excited to be partnering with InterVest to transform 111 Wall Street, an incredible asset, into luxury rental apartments,” Berman said in a statement sent to Commercial Observer at the time. “Over the years we have watched the Financial District become a flourishing neighborhood and remain very bullish on the area.”
Gensler is the architect for the project, which is due to be completed in 2026.
InterVest acquired the office building in 2019 with then-partner Nightingale Properties, paying $175 million. The building ran into some trouble in July 2023 when lender Oaktree Capital Management began foreclosure proceedings at the building, later canceling the action when a conversion came into play — one that’s now off to the races.
It’s been one heck of a December for Tyko Capital, who just closed the largest construction loan of the year, as first reported by Commercial Observer.
InterVest, Apollo, J.P. Morgan, Tyko and W&D didn’t immediately return requests for comment.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com.
