The Real Deal New York

Rockpoint lands $280M Wells Fargo loan to buy two Wall Street rental towers

Developer also closed on $421M purchase of the Crest and 67 Wall

October 17, 2016 12:46PM
By Chava Gourarie

Rockpoint's Kieth Gelb and 63 and 67 Wall Street

Rockpoint’s Kieth Gelb and 63 and 67 Wall Street

Rockpoint Group secured a $280 million loan from Wells Fargo, allowing the firm to close on the purchase of two adjacent rental buildings at 63 and 67 Wall Street for $421.5 million, according to property records filed Monday.

The private equity firm purchased the two Financial District buildings from DTH Capital and Metro Loft Management, which converted the nearly century-old buildings to apartments in the early 2000s. Together, the buildings have 789 apartments.

The financing includes $48.4 million in new loans from Wells Fargo and consolidates previous unpaid balances on the properties.

The 476-unit, 37-story tower at 63 Wall Street, known as the Crest, spans 400,000 square feet. Formerly the Wall and Hanover Building, it was built in 1929 and once housed the headquarters of private bank BrownBrothers Harriman. The 25-story 67 Wall Street has 317 apartments across 303,000 square feet. It was built in 1921 for Munson Shipping Company.

Rockpoint TRData LogoTINY paid $118.4 million for the former and $239.1 million for the latter, with an average price per unit of $535,000. The properties have about 20,000 square feet of retail, including locations occupied by Paris-based chocolatier La Maison du Chocolate and suitcase manufacturer Tumi.

Asking rents range from about $2,570 a month for a studio to $5,500 for a two-bedroom, according to StreetEasy.

Rockpoint Group was not immediately available for comment.