Friedland, Rose Associates snag $218M to refi Flatiron project

Financing from Wells Fargo replaces $182M in previous debt

TRD New York /
May.May 08, 2018 10:20 AM

7 West 21st Street and Amy Rose

Friedland Properties and Rose Associates landed $218 million to refinance a luxury apartment in the Flatiron District.

Wells Fargo Multifamily Capital provided the financing for 7 West 21st Street, the Commercial Observer reported. The new funding includes $36.4 million in tax-exempt bonds and $181.9 million in taxable bonds, replacing $182 million in previous construction debt from May 2015.

The project includes two 18-story buildings, comprised of 288 residential units across 288,000 square feet. Of the apartments, 230 are market rate and 58 will be set aside for households earning up to 60 percent of the area’s median income.

The property also includes 8,000 square feet of street retail space and a 200-car underground parking garage. Kitchen and bathroom supply giant Kohler inked a 10-year lease for the retail space in January 2017.

The Landmarks Preservation Commission approved plans for the development, which is designed by architect Morris Adjmi, in 2014.[CO] — Kathryn Brenzel 


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

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

U.S. Rep. Alexandria Ocasio-Cortez and Sunnyside Yards (inset) (Credit: Getty Images and Wikipedia)

AOC resigns from Queens megadevelopment steering committee

Renderings of 130-02 South Conduit Avenue and Triangle Equities’ Joshua Weingarten (Credit: Terminal Logistics)

Triangle Equities lands $87M loan for massive JFK warehouse project

From left: 172 Madison Avenue, 100 East 53rd Street, Woolworth Tower, 53 West 53rd Street, 615 10th Avenue

Loan wolves: Bankers are stalking developers as debts come due

State Sen. Julia Salazar and Assembly member Harvey Epstein proposed the tax this month in an effort to disincentivize real estate speculation (Credit: iStock, Getty Images)

Experts take issue with proposed tax on mezzanine loans

Brookfield's largest-ever $15B property fund has invested in properties from New York (666 Fifth Avenue) to Bangalore (the Leela Palace hotel) (Credit: Brookfield, Getty Images, Leela)

Real estate fundraising hits lowest level since 2013

Some investors continue to find U.S. commercial real estate as attractive places to park their capital (Credit: iStock)

Brexits and Bubbles: How investors view Europe’s shaky real estate market

arrow_forward_ios
Loading...