HFZ, Westbrook land big refinancing for Belnord conversion

$300M loan comes from Wells Fargo, which assumes prior mortgage from an LLC

May.May 09, 2018 01:55 PM

The Belnord, Ziel Feldman and Sush Torgalkar

HFZ Capital Group and Westbrook Partners have landed a $300 million refinancing from Wells Fargo for the conversion of the Belnord at 2360 Broadway on the Upper West Side.

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.

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