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Macklowe Reportedly Seeks $1.1B Loan on One Wall Street
Harry Macklowe’s Macklowe Properties and Dilmon LLC, the family office of Qatar’s Hamad bin Khalifa Al Thani, are seeking a loan of at least $1.1 billion to help refinance One Wall Street, a former Manhattan office tower that has been converted into condominiums, reported Bloomberg News.
Macklowe and Dilmon are working with Newmark to solicit five-year, non-recourse mortgage financing proposals from prospective lenders. At $1.1 billion, the financing would represent a 48% loan-to-cost ratio, and proceeds are earmarked to repay construction debt and fund remaining construction costs, among other uses.
The property features 566 units, including a penthouse priced at $55 million, and retail space leased to tenants including Whole Foods and Life Time Fitness.
The financing effort comes amid a rebound in Manhattan condo sales, Bloomberg reported. In 2021’s fourth quarter, 3,559 purchases were recorded, almost double the total for the year-ago period and 48% more than Q4 2019.
- ◦Financing
