Wells Fargo’s Multifamily Capital group recently closed a $460-million direct bond purchase facility for the Gotham Organization’s Gotham West, a mixed-income development at 550 W. 45th St. in the Hell’s Kitchen neighborhood of Midtown Manhattan.
The property is financed with 100% tax exempt bonds from New York State Housing Finance Agency. The new facility consists of $260 million of fixed-rate and $200 million of floating-rate debt. Upon closing, Wells Fargo obtained a credit enhancement from Fannie Mae.
The transaction is a refinance of an existing 10-year direct purchase held by Wells. Wells Fargo has held the loan since 2011, when it co-led the original construction facility, and subsequently financed the permanent takeout at stabilization.Â
The property contains a total of 555 market-rate apartments and 683 middle and affordable units. Its amenities include two fitness facilities, an outdoor courtyard, a roof deck, co-working space and two children’s playrooms.
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