Wells Fargo provides Gotham $184 million loan to refinance two rental buildings.
Joel Picket’s Gotham Organization has secured a total of $184 million from Wells Fargo to refinance two multi-family rental buildings. The lender provided $59 million for 400 West 55th Street (149 units), and $125 million for 66 West 38th Street (373 units).
Worth Noting: The recently renovated buildings participate in the city’s 80-20 program, which sets aside a fifth of the apartments for lower-income renters. Both properties also include retail units.
Financing details: The financing was set up as bond purchases from the government, and has a 15-year term with fixed and floating rates. It replaces $140 million in previous variable-rate bond credit enhancements from Fannie Mae, according to CO.