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New York

Rockrose secures $71M to refi Midtown apartment building

Wells Fargo originated the loan

410 West 53rd Street and Rockrose's Henry and Justin Elghanayan (Credit: Elegran and Rockrose)
410 West 53rd Street and Rockrose's Henry and Justin Elghanayan (Credit: Elegran and Rockrose)

Rockrose Development just landed $71.4 million on a rental building in Midtown.

The refinancing replaces $48.3 million in old debt for 410 West 53rd Street and provides the developer with an additional $23.1 million in Fannie Mae debt, according to documents filed with the New York City Department of Finance. Wells Fargo originated the financing.

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The apartment building, known as Midwest Court, was built in 1987. The seven-story building has 220 units, and according to StreetEasy, six apartments are up for rent. A one-bedroom unit is currently listed for $3,750 a month, and a two-bedroom is listed for $5,500.

Representatives for Rockrose could not immediately be reached for comment on the transaction.

In July, Rockrose secured $348 million to refinance Hayden, its Long Island City apartment complex at 43-25 Hunter Street. The state’s Housing Finance Agency provided the debt through a servicing agreement with Wells Fargo. That mortgage replaced a $270 million loan from 2015.

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Commercial Real EstateReal Estate FinanceRockrose Development