Wells Fargo Refinances Manhattan Luxury Properties

The Gotham Organization received the permanent mortgage loans, totaling $184 million, for two upscale apartment buildings in Midtown West and Midtown South.
The Nicole

The Gotham Organization has closed on $184 million in refinancing for two luxury residential communities in New York City.

Located at 66 W. 38th St., in Midtown South, Atlas New York is a 373-unit community built in 2002 that includes 59,000 square feet of commercial space and a variety of amenities. The property received a $59 million permanent mortgage to refinance.

The Nicole, located at 400 W. 55th St., in Midtown West, is a 149-unit community completed in 2003 that includes 34,000 square feet of commercial space and a wide range of amenities. The property received a $125 million permanent mortgage to refinance.

Both properties were refinanced with new 15-year fixed and floating rate permanent loans originated by Wells Fargo Multifamily Capital and structured as a direct purchase of the existing HFA and HDC tax-exempt and taxable bonds, along with supplemental taxable financing to generate additional proceeds for the owner. The new debt replaces approximately $140 million in variable rate bond credit enhancement provided by Fannie Mae.

The financing was arranged, on behalf of the Gotham Organization, by a Greystone Bassuk team including Drew Fletcher, Matthew Klauer and Steven Deck.

Greystone Bassuk previously arranged a $217.5 million refinancing loan on behalf of the Gotham Organization for the company’s 53-story residential tower in Fort Greene, Brooklyn, in 2017.

Last year, Greystone Bassuk arranged a $91.8 million loan for The Hudson Cos. luxury apartment community The Parkline, a 254-unit building in Brooklyn.

Image courtesy of Greystone Bassuk