(Bloomberg) -- Developer 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.
Macklowe and Dilmon are working with Newmark to solicit five-year, non-recourse mortgage financing proposals from prospective lenders, according to a memorandum reviewed by Bloomberg . 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 memo shows.
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.
Harry Macklowe declined to comment. Representatives for Dilmon and Newmark didn’t immediately respond to requests for comment.
The financing effort comes amid a rebound in Manhattan condo sales. In the fourth quarter, 3,559 purchases were recorded, almost double the total for same period in 2020 and 48% more than in fourth quarter of 2019, before the pandemic, Newmark data show.
Read more: What We Can Learn From NYC’s Banner Year in Luxury Real Estate
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