Financing
Taconic and Mitsui Fudosan land refi for 525 West 52nd Street
Published on
Wells Fargo Multifamily Capital provided a $200 million loan
Taconic Investment Partners + Mitsui Fudosan America have secured $200 million from Wells Fargo Multifamily Capital to refinance 525 West 52nd Street. The two buildings span a total of 445,000 square feet, and contain 392 apartments (79 are affordable).
Financing details: The 10-year, fixed-rate debt was provided through tax-exempt and taxable bonds issued by the New York State Housing Finance Agency’s 80/20 program, TRDreported. It replaces $185 million in construction financing provided by Wells Fargo + JP Morgan + M&T Bank issued by the aforementioned agency in 2014. The mixed-income buildings were completed in 2017.
