Wells Fargo’s Multifamily Capital group recently facilitated a $293 million financing package 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 purpose of the loan is to retire a previous $255 million construction loan that originated from Wells Fargo’s Real Estate Banking division in 2019. The property boasts amenities such as a full-time doorman and ground-level retail spaces, with 30% of the units designated as affordable housing.
Completed in 2022, this project showcases Wells Fargo’s expertise in providing comprehensive financial solutions for multifamily developments. With its prime location and desirable features, Lyra is poised to be a successful addition to the vibrant community at Hudson Yards.
