Friedland, Rose Associates snag $218M to refi Flatiron project
Financing from Wells Fargo replaces $182M in previous debt
Friedland Properties and Rose Associates landed $218 million to refinance a luxury apartment in the Flatiron District.
Wells Fargo Multifamily Capital provided the financing for 7 West 21st Street, the Commercial Observer reported. The new funding includes $36.4 million in tax-exempt bonds and $181.9 million in taxable bonds, replacing $182 million in previous construction debt from May 2015.
The project includes two 18-story buildings, comprised of 288 residential units across 288,000 square feet. Of the apartments, 230 are market rate and 58 will be set aside for households earning up to 60 percent of the area’s median income.
The property also includes 8,000 square feet of street retail space and a 200-car underground parking garage. Kitchen and bathroom supply giant Kohler inked a 10-year lease for the retail space in January 2017.
The Landmarks Preservation Commission approved plans for the development, which is designed by architect Morris Adjmi, in 2014.[CO] — Kathryn Brenzel