Nightingale Group and Wafra Capital Partners are seeking a five-year, $860 million loan to redevelop 111 Wall Street.
The renovations at the former Citibank building will include a new facade and a spate of high-end amenities, including a scooter charging room and a spa, Commercial Observer reported. Nightingale and Wafra also plan to integrate new social distancing measures in the building’s overhaul.
u201cRead
Nightingale, led by Elie Schwartz and Simon Singer, frequently partners with Wafra, a subsidiary of Kuwait’s sovereign wealth fund. The two firms went into contract for 111 Wall Street less than a week after exiting the Coca-Cola building deal and flipping the building to Michael Shvo.
The pair closed on the office building in December 2019, with $110 million in acquisition financing from SL Green. In April, SL Green put that loan on the market, as it continued to build a cash buffer during the recent economic upheaval.
A team of brokers at Newmark Knight Frank expects the financing to close by the end of the year. JLL is handling the leasing. [CO] — Georgia Kromrei