Taconic, Mitsui Fudosan land $200M loan for Hell’s Kitchen apartment building

Wells Fargo provides 10-yr debt on mixed-income project through the state’s Housing Finance Agency

New York /
Jan.January 29, 2019 01:20 PM

Taconic’s Charlie Bendit and Wells Fargo’s Timothy Sloan with 525 West 52nd Street (Credit: Handel Architects)

Nearly two years after finishing construction on one of Hell’s Kitchen’s largest rental buildings, Taconic Investment Partners and Mitsui Fudosan America have taken out permanent financing for their Far West Side project.

The joint-venture partners locked in $200 million in long-term debt for the 392-unit, mixed-income apartment building at 525 West 52nd Street that they completed in 2017, according to the brokers who arranged the financing.

Wells Fargo Multifamily Capital provided the fixed-rate debt through a combination of tax-exempt and taxable bonds issued by the New York State Housing Finance agency’s 80/20 program.

Greystone Bassuk president Drew Fletcher, who arranged the debt with his colleagues Matthew Klauer and Bryan Grover, said the property “has quickly become one of the most desirable buildings in Manhattan’s burgeoning west side.”

The new debt replaces $185 million in construction financing that Wells Fargo, JP Morgan and M&T Bank issued the developers in 2014 through the Housing Finance Agency.

The property consists of two towers standing 14 and 22 stories above a shared podium, spanning roughly 445,000 square feet. Of the 392 rental units, the developers set aside 79 apartments for renters earning 60 percent of the area median income or less.

The Handel Architects-designed building features amenities like a fitness center, sundeck, pet-care center and cascading private terraces that offer views of the Hudson River and Midtown.


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

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

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Oprah Winfrey and (inset) Lawrence Stroll over the unit (Getty)

You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse

You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
Residential construction accounted for 44% of spending in October. (iStock)

Housing drives rise in construction spending October

Housing drives rise in construction spending October
1616 President Street in Crown Heights (Google Maps; iStock)

Crown Heights renters protest New York’s “worst landlord”

Crown Heights renters protest New York’s “worst landlord”
48 Willow Place and 568 First Street in Brooklyn (Google Maps, Unsplash)

Brooklyn sees $49M in luxury contracts signed during holiday week

Brooklyn sees $49M in luxury contracts signed during holiday week
Second monthly decline in contract activity signals looming decline in U.S. home sales (iStock)

Pending home sales fall again as prices continue to rise

Pending home sales fall again as prices continue to rise
Former J. Crew CEO Mickey Drexler and 760 N Walnut Ave, Ketchum (Getty; Realtor)

Former J. Crew CEO Mickey Drexler sells Idaho estate

Former J. Crew CEO Mickey Drexler sells Idaho estate
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...