Global Holdings borrows $250M from Wells Fargo for purchase, rehab of rental tower in Nomad

Eyal Ofer’s Global Holdings Management Group through the entity 10 East 29th Street Associates LLC as borrower signed a loan agreement with lender Wells Fargo Bank, National Association valued at $250.0 million for 1 parcel, including the tax class multifamily, luxury type (D8) and containing 404 residential units at 7 East 28th Street in Nomad. The deal closed on February 19, 2020 and was recorded on February 24, 2020.
The property contains a total of 407,555 square feet of built space.
The average loan per unit is $618,812.
Global acquired the property for $380.6 million. MassMutual held the prior debt, totaling $150 million from 2013. Wells Fargo increased the debt level by $100 million, including an $18 million building loan mortgage. The last time the property sold was December 4, 2012, for $300,000,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 396 residential (or hotel) units on February 3, 2020.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $330,600.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link