Nightingale, Wafra seek $860M to redevelop 111 Wall Street
The pair closed on the office building in December 2019 with plans for an overhaul
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.
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