A $219 million loan is being used to convert only the bottom third of the 100 Wall Street buildings.

Northwind Group originated a $219M first-mortgage construction loan to a joint venture of Lloyd Goldman's BLDG Management and David Werner Real Estate Investments for 100 Wall Street, a 29-story, 463,000-sf tower in Manhattan's Financial District (one outlet reports 482,303 sf). Floors 2–11 will convert to 168 rental apartments; floors 15–29 remain office and are described as nearly fully leased. The loan retires a $95M Northwind predevelopment facility from 2024; the JV acquired the building in July 2024. It is the lender's eighth nine-figure New York conversion loan.

The Signal. $473 of loan per square foot of building. Ten of 29 floors convert; the leased office stack is the collateral that makes the residential floors financeable. A 2.3x step-up from the $95M predevelopment loan inside about two years.

The conventional conversion model empties a building, then rebuilds it. This deal keeps floors 15–29 as income-producing office and converts only the deep, inefficient base floors. That changes the credit: office income carries debt service through construction, and a debt fund — not a bank — is the capital source. Rate, term, loan-to-cost and the split between payoff and construction draws are undisclosed, so the true per-unit basis is unknowable. The template is not.

Implications. For owners of mid-century Financial District towers, the partial-stack conversion is the financeable version of the office-to-residential thesis — keep the floors that lease, convert the floors that don't, and borrow against both.

Uncertainty: square-footage conflict (463,000 vs 482,303); rate, term, LTC, total cost and tax-abatement status undisclosed.