[[{“value”:”
Wells Fargo Closes $460M Refinance for Gotham West Apartments
Wells Fargo’s Multifamily Capital group has completed a $460 million direct bond purchase facility for the Gotham Organization’s Gotham West development, a mixed-income apartment community located at 550 West 45th Street in the Hell’s Kitchen neighborhood of Midtown Manhattan.
The financing is structured entirely with tax-exempt bonds issued by the New York State Housing Finance Agency, comprising $260 million in fixed-rate debt and $200 million in floating-rate debt. Upon closing, Wells Fargo secured a credit enhancement for the financing through Fannie Mae.
This transaction represents a refinance of an existing 10-year direct purchase facility previously held by Wells Fargo. The bank has been involved with the project since 2011, when it co-led the original construction financing. It also provided funding for the permanent loan upon the completion and stabilization of the property.
Gotham West includes a total of 1,238 residential units, consisting of 555 market-rate apartments and 683 middle-income and affordable housing units. Resident amenities include two fitness centers, an outdoor courtyard, a rooftop deck, co-working spaces, and two children’s playrooms.
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