Claremont Group gets $52M loan for FiDi conversion

99 Wall Street to go from 25-story office building to condo site

Mark Fisher and 99 Wall Street in Lower Manhattan
Mark Fisher and 99 Wall Street in Lower Manhattan

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.

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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