Co-op City signs $621.5M refi with Wells Fargo for 13-property complex in Bronx

Co-op City through the entity Riverbay Corporation as borrower signed a refi loan with lender Wells Fargo through the entity Wells Fargo Bank, National Association valued at $621.5 million for 13 properties including the mixed-use building at 2051 Bartow Avenue in Co-op City, Bronx, mixed-use building at 99 Dreiser Loop in Co-op City, Bronx, and industrial building at 150 Co-Op City Boulevard in Co-op City, Bronx. The complex has 15,372 units, according to the PincusCo analysis of city data.
The deal closed on April 27, 2022 and was recorded on May 9, 2022. The prior lender was Wells Fargo which held debt that had an original loan amount of $621.5 million.The 13 properties have 22,042,704 square feet of built space and 3,454,031 square feet of additional air rights for a total buildable of 23,265,417 square feet according to PincusCo analysis of city data. The loan price per built square foot is $28 and the price per buildable square foot is $26 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Riverbay Corporation was Bernard Cylich. This is for Co-op City. Part of the loan is $124 million to be used for capital improvements, including upgrades to the HVAC, facade maintenance, and electrical systems at the nation’s largest cooperative housing development.

Surrounding

Within a 400-foot radius of 2051 Bartow Avenue, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a new building permit application filed on October 25, 2021 for a 49,497-square-foot B building at 2060 Bartow Avenue.

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