Nightingale Properties and Wafra Capital Partners are in the market for a five-year, $860 million loan to finance the renovation of 111 Wall Street, according to the Commercial Observer.
- Flashback: In January, Nightingale, Wafra, and David Werner closed on their acquisition of the office building’s leasehold interest. At the time, the ground lease only had 19 years remaining before a fair market value reset.
- Worth Noting: The buyers recently signed a hard contract to acquire the leased fee position in the asset, and the partnership now plans to collapse the leasehold and leased fee positions into a fee simple position. The 24-story waterfront property spans 1.1 million SF, and was fully leased to Citigroup before they vacated their space in December. The asset is set for a major overhaul, including a new facade and sweeping interior renovations. [CO]