Nightingale Properties and Wafra Capital Partners have raised nearly $ 500 million to acquire and finance the construction of 111 Wall Street.
The loan package was provided by a consortium of lenders including SKW Funding, PIMCO, Oaktree Capital and Bain Capital, according to the Commercial Observer. With this money, Nightingale and Wafra will rebuild the former Citibank building in the heart of the financial district.
Nightingale, led by Eli Schwartz and Simon Singer and Wafra, a subsidiary of Kuwait’s State Welfare Fund, are planning to renovate the lobby, install a new canopy façade, floor-to-ceiling windows and new amenities such as a scooter charging room. and a fitness center.
According to public records, in January 2020, the couple acquired a 24-story house for rent for $ 175 million. The two firms were contracted to buy land for lease less than a week after they turned over Coca Cola Building Mikhail Shvo.
The acquisition was financed with a US $ 100 million loan from SL Green Realty… Five months later, a real estate investment fund sold a loan to Axos Bank to create a cash buffer in the event of a pandemic. Nightingale and Wafra originally hunted for five years, USD 860 million loan to finance the renovation of real estate.
[CO] – Akiko Matsuda