Wells Fargo Closes $460M Refinance on Gotham West Apartments
Wells Fargo’s Multifamily Capital group has successfully closed a $460 million direct bond purchase facility for the Gotham Organization’s Gotham West, a mixed-income residential development located at 550 West 45th Street in Midtown Manhattan’s Hell’s Kitchen neighborhood.
The transaction was structured with 100% tax-exempt bonds issued by the New York State Housing Finance Agency. The new financing facility includes $260 million in fixed-rate and $200 million in floating-rate debt. Upon closing, Wells Fargo secured credit enhancement for the facility through Fannie Mae.
This deal represents a refinance of an existing 10-year direct purchase loan held by Wells Fargo. The bank has been involved with Gotham West since 2011, when it co-led the original construction loan and later arranged the permanent financing following the project’s stabilization.
Gotham West features a total of 1,238 residential units, comprising 555 market-rate apartments and 683 middle-income and affordable housing units. The development boasts a wide range of amenities, including two fitness centers, an outdoor courtyard, a rooftop deck, co-working space, and two children’s playrooms.
