The Real Deal New York

Fetner nabs $202M to refi Midtown tower

Housing Finance Agency provided the loans
By Kathryn Brenzel | October 05, 2017 06:10PM

125 West 31st Street and Hal Fetner

Fetner Properties has landed $202 million to refinance a 59-story rental building in Midtown.

The state’s Housing Finance Agency provided $176.8 million for 125 West 31st Street, a 458-unit apartment building between Sixth and Seventh avenues. The loan — which comes from the proceeds of tax-exempt bonds — replaces an earlier loan of the same amount. HFA also supplied a new $25 million loan, according to documents filed with the city’s Department of Finance. Both loans were passed onto Wells Fargo.

The apartment tower, dubbed the Epic, was built in 2005. At the time, 20 percent of the luxury apartment building’s units were set aside for affordable housing. The Durst Organization had originally partnered with Fetner on the building but ended up selling its stake in the property back to Fetner. The deal was part of the dissolution of their $740 million residential development partnership.

In March, Fetner secured $183 million from the state and federal governments to refinance a 417-unit rental building at 501 West 41st Street — known as the Victory.