Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, announced the origination of a $219 million first mortgage construction loan for 100 Wall Street, a 29-story, 463,000-square-foot office building in Manhattan’s Financial District.
Loan proceeds retired the existing debt on the property and will fund the conversion of floors 2 through 11 into 168 residential rental apartments, while floors 15 through 29 are nearly fully leased and will remain as office space.
The conversion is being led by a joint venture between Lloyd Goldman’s BLDG and David Werner Real Estate Investments, two highly experienced New York City real estate sponsors. The joint venture acquired the building in July 2024 and quickly advanced the property through planning and predevelopment, which included successful relocations of office tenants from the base of the building into its top floors.
100 Wall Street is an ideal conversation candidate, with efficient floor plates providing optimal spacing between the windows and the building’s core and the freestanding nature of the building delivering four sides of natural light and air to the residential units. Additionally, the building already features two distinct elevator banks to allow for separate access points for residential and office tenants. Residents will have access to a full-service amenity package including a pool, fitness center, sports simulator, theatre and rooftop deck with an outdoor kitchen.
The sponsor has assembled an experienced project team to execute the conversion. Triton Construction, who alongside BLDG recently completed construction of The Orchard, a 70-story residential skyscraper in Long Island City, will serve as construction manager. Gensler Architecture, Design & Planning, one of the world’s largest architects, has been engaged as executive architect.
David Werner, president of DWREI, said, “It was great to have closed this transaction with Ran Eliasaf and Michael Ainbinder of Northwind Group. They have been an excellent partner to DWREI, and their certainty of execution is unparalleled in the marketplace. We’re very pleased to be moving ahead with the next phase of 100 Wall Street. Lloyd Goldman and the BLDG team have been terrific partners.”
Justin Kleinman, executive vice president and COO of BLDG, said, “100 Wall Street is uniquely suited for adaptive reuse, allowing us to create 168 luxury residences while maintaining a Class A office component with best-in-class amenities. We are thrilled to continue our outstanding financing relationship with Northwind Group and this closing represents an important milestone for the project. We appreciate Northwind’s continued confidence in the vision at 100 Wall Street.”
The loan was originated through Northwind Group’s discretionary debt fund platform as part of the firm’s ongoing strategy of providing financing for well-located, institutional-quality office-to-residential conversions across New York City and other supply constrained markets.
Ran Eliasaf, founder and managing partner of Northwind Group, commented, “We are pleased to continue our partnership with Lloyd Goldman and David Werner, two of New York’s most established real estate investors. We believe 100 Wall Street is an ideal conversion that will deliver 168 much-needed residential units to the city and the fact that the office component is already over 95% occupied and cash flowing is very positive. Great work by our team executing this financing and expanding our initial $95mm pre-development loan into a full construction loan. This is the 8th conversion project we have financed in the city, and we are implementing all experience we have learned as we continue expanding our credit platform into this strategy.”
Northwind was represented by John Vavas of Polsinelli Group.
