Gotham Organization signs $211.5M construction loan with Wells Fargo for 453-unit rental in Hell’s Kitchen

Gotham Organization through the entity 550 10th Housing Development Fund Corporation as borrower signed a new construction loan with lender Wells Fargo through the entity Wells Fargo Bank, National Association valued at $211.5 million for the industrial (I5) at 550 10th Avenue in Hell’s Kitchen, Manhattan.
The deal closed on November 12, 2021 and was recorded on December 14, 2021.

The owner bought the property on November 12, 2021, for $79 million.
The signatory for Gotham Organization was David L. Picket.
(121209281) Plans for a 453-unit, 428,208 square-foot R-2 were filed on January 22, 2021.
This is financing for a planned 47-story tower. The building will include 453 apartments, 137 of which will be affordable, retail space and office space for Covenant House, a homeless youth organization that previously owned the property. A $35 Mezzanine loan from Lionheart Strategic Management will also be included.

Within a 400-foot radius of 550 10th Avenue, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, three were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $1.3 million, one permit with a total initial cost of $1.3 million and one initial temporary certificate of occupancy issuance for a project that initially costed $1.5 million. The most recent of these three items was the permit on April 30, 2021 for a 55,575-square-foot R-2 building with 105 residential units at 440 West 41st Street.
Of those six items, three were loans above $5 million totaling $539.0 million. The most recent of the three was Camber Property Group which borrowed $41 million from Citibank secured by the 64,662-square-foot, 106-unit rental (D6) on 440 West 41st Street on June 9, 2021.

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