Sherwood and Bhatia nab $92M refi for
New School dorm

Wells Fargo provided the financing for East Village property

New York /
Oct.October 13, 2017 04:15 PM

A dormitory at the New School just scored a roughly $92 million loan from Wells Fargo.

Bhatia Development Organization and Sherwood Equities received the 10-year loan to refinance the property at 318 East 15th Street, Located Across From Stuyvesant Park Near Second Avenue, Commercial Observer reported.

The interest-only, fixed-rate loan includes a new gap mortgage of roughly $5 million and replaces a $94 million Wells Fargo loan made in 2014, according to public records spotted by the publication. Bhatia and Sherwood still owed $87 million at the time of the refinancing and declined to reveal the rate on the new deal. However, Commercial Observer reported that it is less than 4 percent.

“I’ve been in business for 40 years. There are very few times you can get an opportunity to lock in a rate at under 4 percent,” Arun Bhatia, the president of Bhatia, said.

Refinancing the loan and placing it in a commercial mortgage-backed securities pool will give Bhatia and Sherwood more flexibility to make upgrades to the property, while lowering their interest rate. [CO]Christopher Cameron


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
Turnbridge Equities founder Andrew Joblon, KKR co-founder Henry Kravis and the distribution center (Getty, Turnbridge)
Turnbridge, Dune land $381M loan for Hunts Point site
Turnbridge, Dune land $381M loan for Hunts Point site
Vanbarton Group’s Gary M. Tischler and Richard Coles with Marble Collegiate Church at 1 West 29th Street (Getty)
Vanbarton Group, church sued by foreign investors in fallout from HFZ debacle
Vanbarton Group, church sued by foreign investors in fallout from HFZ debacle
Wells Fargo CEO Charlie Scharf (Getty, iStock)
Wells Fargo hit with $250M fine, new restrictions over mortgage lending practices
Wells Fargo hit with $250M fine, new restrictions over mortgage lending practices
Northwind Group managing partner Ran Eliasaf and 165 Lexington Avenue (Northwind Group, Brooklyn North Capital)
Brooklyn North Capital, RiverBrook score $49M loan for Kips Bay condo
Brooklyn North Capital, RiverBrook score $49M loan for Kips Bay condo
One man, two companies, three bankruptcies
One man, three bankruptcies: Verrino Construction files for Chapter 7
One man, three bankruptcies: Verrino Construction files for Chapter 7
Maverick Real Estate Partners principal David Aviram and 416 West 25th Street (Google Maps and LinkedIn)
Maverick denied yet again in battle over Chelsea rental
Maverick denied yet again in battle over Chelsea rental
arrow_forward_ios

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

Loading...