Wells Fargo provided the debt
Friedland Properties and Rose Associates has secured $218 million from Wells Fargo Multifamily Capital to refinance 7 West 21st Street, according to CO. The new luxury rental spans 288,000 square feet and contains 288 apartments.
Dig Deeper: The take-out loan replaces the $182 million in construction debt in 2015. The new floating-rate mortgage includes $36.4 million in tax-exempt bonds and another $181.9 million in taxable bonds.
Worth Defining: A take-out loan is a type of permanent financing that replaces interim financing, such as construction financing.