David Werner Real Estate Investments, BLDG Management Secure $219M Construction Loan for 100 Wall Street Office-to-Residential Conversion
NEW YORK — Sept. 14, 2026 — A joint venture between David Werner Real Estate Investments and BLDG Management has closed a $219 million first-mortgage construction loan to fund the partial office-to-residential conversion of 100 Wall Street, a 463,000-square-foot, 29-story tower in Manhattan's Financial District. Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, originated the loan through its discretionary debt fund platform.
The financing retires existing debt on the property and will fund the conversion of floors 2 through 11 into 168 residential rental apartments. Floors 15 through 29, which are more than 95% leased, will remain as office space.
Deal Structure and Financing History
The $219 million loan represents an expansion of a $95 million senior mortgage acquisition and predevelopment loan Northwind provided to the same joint venture when it acquired 100 Wall Street in July 2024. Since acquisition, the sponsors advanced the property through planning and predevelopment, including relocating office tenants from the building's lower floors into its upper floors to clear the way for residential conversion.
The loan marks the eighth office-to-residential conversion project Northwind has financed in New York City. The firm has executed more than $11 billion in real estate transactions across more than 400 properties in 28 states, with recent deal activity concentrated in New York City adaptive reuse projects. Other conversion financings in the firm's portfolio include a $135 million senior-secured loan for a 910-unit conversion at 235 East 42nd Street, a $75 million loan for a 660-unit conversion of the former Pfizer headquarters at 219 East 42nd Street, and a roughly $90 million first-mortgage loan for a 32-story, 335,000-square-foot office building at 675 Third Avenue slated to become approximately 430 rental units.
Ran Eliasaf, Founder and Managing Partner of Northwind Group, said: "We are pleased to continue our partnership with Lloyd Goldman and David Werner, two of New York's most established real estate investors. We believe 100 Wall Street is an ideal conversion that will deliver 168 much-needed residential units to the city and the fact that the office component is already over 95% occupied and cash flowing is very positive. Great work by our team executing this financing and expanding our initial $95mm pre-development loan into a full construction loan. This is the 8th conversion project we have financed in the city, and we are implementing all experience we have learned as we continue expanding our credit platform into this strategy."
Why 100 Wall Street Is Suited for Conversion
Built in 1969, 100 Wall Street presents several physical characteristics that make it a viable conversion candidate. The building's floor plates offer efficient spacing between the windows and the building's core, supporting workable residential unit layouts. As a freestanding structure, the tower provides four sides of natural light and air — an attribute that is relatively uncommon for office buildings in the dense Financial District. The building also already features two distinct elevator banks, enabling separate access for residential and office tenants without significant structural modification.
Planned amenities for the residential component include a pool, fitness center, sports simulator, theatre, and a rooftop deck with an outdoor kitchen.
Justin Kleinman, Executive Vice President and COO of BLDG, said: "100 Wall Street is uniquely suited for adaptive reuse, allowing us to create 168 luxury residences while maintaining a Class A office component with best-in-class amenities. We are thrilled to continue our outstanding financing relationship with Northwind Group and this closing represents an important milestone for the project. We appreciate Northwind's continued confidence in the vision at 100 Wall Street."
David Werner, President of DWREI, said: "It was great to have closed this transaction with Ran Eliasaf and Michael Ainbinder of Northwind Group. They have been an excellent partner to DWREI, and their certainty of execution is unparalleled in the marketplace. We're very pleased to be moving ahead with the next phase of 100 Wall Street. Lloyd Goldman and the BLDG team have been terrific partners."
Project Team
Triton Construction will serve as construction manager for the conversion. Triton previously completed The Orchard, a 70-story residential skyscraper in Long Island City, alongside BLDG. Gensler Architecture, Design & Planning has been engaged as executive architect.
Northwind was represented in the transaction by John Vavas of Polsinelli Group.
Market Context: Private Debt Funds and New York's Conversion Pipeline
The 100 Wall Street financing reflects a broader pattern in which private debt funds have stepped into New York City office-to-residential conversions as traditional bank lenders have pulled back from complex adaptive reuse projects. Northwind has positioned its discretionary debt fund platform around deals that involve non-traditional collateral, extended timelines, and layered business plans — characteristics common to office conversions.
The 100 Wall Street project preserves a stabilized, cash-flowing office component on the upper floors while creating new residential supply in a supply-constrained submarket, a structure Northwind has cited as central to its underwriting approach for conversion assets.
BLDG Management, led by Lloyd Goldman, is a Manhattan-based privately held real estate investment, development, and management company with a portfolio spanning residential, retail, industrial, hospitality, and office assets across the United States. David Werner Real Estate Investments is a New York City-based investor with more than 40 years of experience in commercial real estate, including ownership of office and residential properties in New York City.