Rockrose secures $71M to refi Midtown apartment building

Wells Fargo originated the loan

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.

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