Wells Fargo is assuming the previous mortgage on the building from an LLC called Pamonssrd Neuf.
Westbrook Partners bought a stake in HFZ’s redevelopment of the Belnord in March, converting its debt on the property into fresh equity. The 14-story complex by 86th Street spans 680,000 square feet, and HFZ purchased it from Extell Development in 2015 for $575 million.
HFZ has been converting its rental apartments into condos as rent-stabilized tenants leave. As of March, 95 of the 215 units were being converted, and the eventual plan is to convert all of them for a condo project with a projected $1.35 billion sellout.
Representatives for Wells Fargo, Westbrook and HFZ did not immediately respond to requests for comment.