Rockrose secures $71M to refi Midtown apartment building

Wells Fargo originated the loan

TRD New York /
Aug.August 24, 2018 01:45 PM

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.

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.


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

4650 Broadway (Credit: Google Maps)

Inwood site goes for twice what seller paid last year

Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

WeWork co-CEOs Artie Minson and Sebastian Gunningham

WeWork under pressure as losses soar to $1.25B

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

195 Broadway and L&L Holding's David Levinson and Robert Lapidus (Credit: Google Maps and L&L Holding)

L&L, Safehold lock in $592M in financing for Downtown building

Tore Steen, CEO of CrowdStreet (Credit: iStock)

CrowdStreet lands $12M in financing, hires execs

arrow_forward_ios