The Claremont Group received a $52.4 million loan from Cornerstone Real Estate Advisers for a conversion project on the site of a 25-story building.
The floating-rate loan carried an interest rate “in the low-middle single digits,” a spokesperson for brokerage CBRE told the New York Observer. CBRE’s Mark Fisher handled negotiations for the financing. Claremont is planning to build high-end residential condominiums on the site, at 99 Wall Street, which now holds office space.
Former tenants of 99 Wall Street said in June that Claremont exercised a termination clause in its tenants’ leases to make way for a residential project, as previously reported. [NYO] — Mark Maurer