The Nicole 400 W 55th St

February 22, 2019 Comments Off on Duo of Gotham Organization Rental Towers Lands $184M Financing Views: 1183 Midtown New York, New York News

Duo of Gotham Organization Rental Towers Lands $184M Financing

Greystone Bassuk has closed on $184 million in permanent loans to affiliates of the Gotham Organization for a pair of rental apartment towers in Midtown. The new debt replaces approximately $140 million in variable rate bond credit enhancement provided by Fannie Mae.

The larger of the two loans was a $125-million permanent mortgage to refinance Gotham’s Atlas New York, a 48-story residential building at 66 W. 38th St. A Greystone Bassuk team of Drew Fletcher, Matthew Klauer and Steven Deck also arranged a $59-million permanent mortgage on the Nicole (pictured) at 400 W. 55th St.

Both properties recently received extensive renovations, and were refinanced with new 15-year fixed and floating rate permanent loans originated by Wells Fargo Multifamily Capital. They were 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 sponsor.

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