Wells Fargo’s Multifamily Capital group has successfully arranged a financing package worth $293 million for Lyra, a 590-unit apartment complex located in Hudson Yards. The loan, provided by Fannie Mae and spanning five years, was secured for an affiliate of Rockrose Development LLC. This financing arrangement was orchestrated by Matthew Wiener and Preyaa Strzalkowski of MFC.
The loan will serve to retire a previous construction loan worth $255 million that originated from Wells Fargo’s Real Estate Banking division in 2019. With its completion scheduled for 2022, the property boasts amenities such as a full-time doorman and ground-level retail spaces. Additionally, it includes affordable housing options with 30% of the units designated as such.
