Recapitalization values the property at more than $650 million
HFZ Capital Group and Westbrook Partners have scored a $300 million refinancing from Wells Fargo for the conversion of 2360 Broadway (AKA 225 West 86th Street) into condos, according to TRD.
Worth Noting: Westbrook Partners acquired a stake in HFZ’s re-development of the apartment complex in March. The recapitalization valued the property (680,222 SF) at more than $650 million.
Flashback: HFZ’s Ziel Feldman paid $575 million to Extell Development for the property in 2015.
Dig Deeper: The residential units have been converted into condos and have a projected sellout of $1.35 billion. HFZ has vacated 95 of the 215 rental apartments.