Taconic, Mitsu 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

TRD 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

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

60 East 93rd Street and Carlton Hobbs (Credit: Google Maps and Getty Images)

Why a $68M townhouse listing was abruptly pulled off the market

Paul Volcker (Credit: Getty Images)

Paul Volcker, Fed Chair who infuriated real estate, dies

Renderings of The William Vale and Denizen Bushwick with a Tel Aviv Stock Exchange ticker

All Year eyes sale of William Vale to pay off bonds

Zillow President Jeremy Wacksman

Zillow launches its high-stakes home-flipping business in LA

Redwood Trust’s CEO Christopher J. Abate (Credit: iStock)

Wall Street is collecting rent payments

From left: 1407 Broadway, 805 Third Avenue and 195 Broadway (Credit: Google Maps)

These were the 10 largest Manhattan real estate loans in November

arrow_forward_ios