Related gets $107.5M condo inventory loan from Wells Fargo for 15 Hudson Yards

Related Companies through the entity ERY South Residential Tower LLC as borrower signed a loan agreement with lender Wells Fargo Bank valued at $107.5 million for 102 parcels, including the tax class commercial condo recorded in Acris (CC) at 15 Hudson Yards at 553 West 30th Street in Hudson Yards. The deal closed on March 18, 2021 and was recorded on March 29, 2021.
The property contains a total of 49,233 square feet of built space.
The average loan per buildable square foot is $305.
This is a condo inventory loan. The original construction loan totaled $850 million and was provided by the Children’s Investment Fund and New York State Housing Finance Agency in 2015.
Direct link to Acris document. link