L+M Development Partners and Invesco Real Estate borrow $823.5M from Wells Fargo Bank for property in Upper Manhattan

L+M Development Partners and Invesco Real Estate borrowed a total of $823.5 million from Wells Fargo for the $1.16 billion acquisition from Brookfield Property Partners and Urban American Management for about 2,800 units in Upper Manhattan.

On Wednesday, $232 million in debt was recorded. Yesterday another $591.4 million was recorded in four separate transactions, laid out below. All the $823.5 million in debt was subsequently assigned to Fannie Mae.

In the first transaction, the new owners through the entity Heritage Holdings LLC as borrower signed a loan agreement with lender Wells Fargo Bank, National Association valued at $242.8 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 600 residential units at 1309 5th Avenue in East Harlem.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second transaction, the new owners through the entity Roosevelt Landings Owner LLC as borrower signed a loan agreement with lender Wells Fargo Bank, National Association valued at $238.0 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 1,003 residential units at 510 Main Street in Roosevelt Island.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the third transaction, the new owners through Miles Parker Owner LLC as borrower signed a loan agreement with lender Wells Fargo Bank valued at $110.7 million for 2 parcels, including the tax class cooperative (D4) and containing 405 residential units at 1894 Lexington Avenue, 1982 Lexington Avenue in East Harlem.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the fourth transaction,