Rockrose Development is rocking its latest refinancing all the way to the bank.
Henry Elghanayan’s firm landed a $97.7 million debt package from Wells Fargo for its 42-story luxury rental tower at 399 Chambers Street, the Commercial Observer reported. Rockrose built the Battery Park City building — referred to as Tribeca Pointe and additionally addressed at 41 Terrace Place — in 1999.
The tower includes 340 apartments, 70 of which are designated as affordable. Rockrose and the Battery Park City Authority agreed last year to preserve those affordable units through 2069, reserving them for households making at or less than 50 percent of the area median income.
Amenities at the Gruzen Samton Steinglass-designed property include a roof deck, fitness center, solarium and a children’s playroom. Market-rate apartments at the building are being marketed for between $4,542 and $8,388 per month, depending on the size of the unit.
About a decade ago, Rockrose sought to part with the 285,000-square-foot building. The firm was looking to fetch $300 million in a sale to a buyer who would either operate the property as it was or convert the market-rate portion of the building into condos.
But a sale never transpired, and Rockrose held on to the luxury property.
Henry Elghanayan held on to both Tribeca Pointe and the Rockrose company name when he and his brothers split up the real estate empire in 2009. His younger brothers, K. Thomas and Frederick, splintered off to form TF Cornerstone.
A year ago, Rockrose refinanced another luxury apartment building, just before rising interest rates would’ve upped the challenge for the developer. MetLife provided a 15-year, fixed-rate $210 million loan on the property at 47-05 Center Boulevard in Long Island City. The 31-story property was constructed in 2007 and includes 396 units.
Other recent financings for Rockrose include a $240 million loan from Morgan Stanley at the Linc rental building in 2014 and permanent financing for its Eagle Lofts project at 43-22 Queens Street in 2020, according to the Commercial Observer.
— Holden Walter-Warner
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