Nightingale, Wafra sign $230M loan with PIMCO after acquiring ground-leased fee in FiDi

Nightingale Properties and Wafra through the entity 111 Wall Fee Holdings LLC as borrower signed a refinance and rehabilitation loan with lender PIMCO through the entity PIF Onshore II Lp valued at $230 million for the office building (O4) at 111 Wall Street in Financial District, Manhattan.
The deal closed on June 10, 2021 and was recorded on June 23, 2021.
The property has 990,250 square feet of built space and 0 square feet of additional air rights for a total buildable of 487,410 square feet according to PincusCo analysis of city data. The loan price per built square foot is $232 per the PincusCo analysis.
The signatory for Nightingale Properties and Wafra was Elchonon Schwartz.
Over the past five years, there have been 30 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 30 renovation/alteration projects (A2) applied for with a total estimated value of $19.0 million.
Nightingale and Wafra increased the debt from $100 million to $230 million with a $70.4 million gap loan, a $13.7 million building loan and a $45.9 million project loan, following the simultaneous acquisition of the fee for $220 million from the Korein family. The prior lender was SL Green Realty, which assigned the $100 million loan to PIMCO.
Within a 400-foot radius of 111 Wall Street, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
They were all for building rehabilitation or alteration that require a change to the certificate of occupancy. They were one permit with a total initial cost of $7.3 million and two initial temporary certificate of occupancy issuances for projects that initially costed $681,000.

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