Gotham lands $184M to refi two Manhattan rental buildings

Properties recently renovated

TRD New York /
Feb.February 20, 2019 02:50 PM

From left: 66 West 38th Street, Gotham CEO Joel Picket, and 400 West 55th Street (Credit: NY Nesting, Gotham, and ABS Partners)

Joel Picket’s Gotham Organization landed an injection of debt to cover two Manhattan rental properties.

Wells Fargo loaned $184 million to refinance the properties, which combined have more than 500 units and were recently renovated by Gotham, Commercial Observer reported. The debt in the deal, set up as bond purchases from the government, has a 15-year term with fixed and floating rates.

One of the towers covered by the debt is the 48-story Atlas New York at 66 West 38th Street, which secured $125 million in permanent financing.

The other is the 19-story the Nicole building at 400 West 55th Street in Hell’s Kitchen. Wells Fargo loaned $59 million to refinance it.

Greystone Bassuk’s Drew Fletcher, Matthew Klauer and Steven Deck organized the debt, the outlet reported.

A fifth of the units in each building is reserved for lower-income tenants. The buildings also contain roughly 100,000 square feet of commercial space. [CO] – Mary Diduch  


Related Articles

arrow_forward_ios

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

Joel Schreiber (Credit: Shir Stein and Wikipedia)

WeWork’s first investor used his stock as collateral. Now his lenders are suing him

Jackson Park at 28-40 Jackson Avenue and Tishman Speyer's Rob Speyer (Credit: StreetEasy and Tishman Speyer)

Tishman Speyer locks in $1B in financing for Jackson Park

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

163 North 6th Street and the Tel Aviv Stock Exchange Bull (Credit: Google Maps, Wikipedia)

Joel Gluck’s Israeli bond issuance falls through as Williamsburg rental project faces financing crunch

NYC’s foreign investment landscape in the era of trade wars and heightened nationalism

Larry Silverstein and the Tel Aviv Stock Exchange (Credit: Getty Images)

Institutional investors swarm Silverstein’s new TASE bonds

arrow_forward_ios