Fetner nabs $202M to refi Midtown tower

Housing Finance Agency provided the loans

New York /
Oct.October 05, 2017 06:10 PM

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.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
3 New York Avenue in Jersey City, NJ (Google Maps, iStock)
Developers land $97M for Jersey City multifamily
Developers land $97M for Jersey City multifamily
Hudson Meridian Construction Group founder Bill Cote and a rendering of the Science Park Apartments planned at 201 Munson in New Haven (Hudson Meridian Construction Group)
Breakthrough for beleaguered New Haven project
Breakthrough for beleaguered New Haven project
From left: Scott Rechler and 5 Times Square; Marc Holliday, Steven Roth and 280 Park Avenue (Getty Images, Eden, Janine and Jim from New York City - via Wikimedia Commons)
Swell of maturing debt pressures office owners
Swell of maturing debt pressures office owners
A photo illustration of a crystal ball predicting future home prices (iStock)
Home sales, building to slow: Fannie Mae
Home sales, building to slow: Fannie Mae
Zillow economist Nicole Bichaud (Zillow, iStock)
Where have home values grown more, suburbs or cities? The answer may surprise you
Where have home values grown more, suburbs or cities? The answer may surprise you
Jamestown chairman Christoph Kahl and One Times Square (Jamestown LP, iStock)
Jamestown lands $425M to bring the metaverse to One Times Square
Jamestown lands $425M to bring the metaverse to One Times Square
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...