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
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
Texas Republican Rep. Nicholas Van Taylor (Getty, iStock)

Congressman pitching high-risk lifeline for CRE

Congressman pitching high-risk lifeline for CRE
Related chairman Stephen Ross and Related Companies Portfolio CEO Richard O’Toole withBronx Terminal Market and Time Warner Center (Getty, Google Maps, Wikipedia)

Related lays out $200M debt settlement plan for Tel Aviv bondholders

Related lays out $200M debt settlement plan for Tel Aviv bondholders
(iStock)

TRD Insights: The 56 REITs whose bonds the Fed will buy

TRD Insights: The 56 REITs whose bonds the Fed will buy
A rendering of 100 Claremont Avenue, Melissa Burch of Lendlease and Ron Moelis of L+M Development Partner (Getty, Robert A.M. Stern Architects)

L+M, Lendlease snag $250M loan for UWS tower

L+M, Lendlease snag $250M loan for UWS tower
From left: 172 Madison Avenue, 100 East 53rd Street, Woolworth Tower, 53 West 53rd Street, 615 10th Avenue

Loan wolves: Bankers are stalking developers as debts come due

Loan wolves: Bankers are stalking developers as debts come due
Isaac Zion

SL Green’s co-CIO leaving firm

SL Green’s co-CIO leaving firm
arrow_forward_ios

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

Loading...