The Real Deal New York

Related secures $150M refi of Tribeca Tower

$53M loan from Wells Fargo consolidated with existing debt on 52-story rental building

April 15, 2016 06:10PM
By Rey Mashayekhi and Kyna Doles

105 Duane Street

From left: Jeff Blau and 105 Duane Street in Tribeca

Stephen Ross’ Related Companies sealed a $150 million refinancing of its 52-story rental building Tribeca Tower.

Last month, Wells Fargo provided a new $52.5 million gap mortgage on the property at 105 Duane Street, according to city property records filed Friday.

That loan is being consolidated with $97.5 million in existing debt on the building, according to mortgage documents, including a $55 million loan from the city’s Housing Development Corporation and a $42.5 million mortgage from lender American Property Financing (now part of Wells Fargo).

Neither Related nor Wells Fargo could be immediately reached for comment.

The Columbus Circle-based development firm acquired the 440-unit Tribeca Tower in 1993 from the Long Island-based DeMatteis Organizations, which built the residential tower in the early 1990s.

Related, led by CEO Jeff Blau, is seeking a nearly $700 million sellout of its nearby 47-unit condominium project at 70 Vestry Street in Tribeca, The Real Deal reported last month.

MENU