Rochdale Village co-op borrows $195M from Wells Fargo for property in Springfield Gardens

The Rochdale Village cooperative as borrower signed a loan agreement with lender Wells Fargo valued at $195 million for 2 parcels, including the tax class cooperative (D4) and containing 5,860 residential units at 163-15 Baisley Boulevard, 132-11 Bedell Street in Springfield Gardens. The deal closed on September 25, 2019 and was recorded on October 11, 2019.

The average loan per unit is $33,276.
The loan is for 30 years, maturing Oct. 1, 2049. The loan was then assigned to Freddie Mac. The prior loan, also originated and assigned to Freddie Mac, was for $130 million and was provided in 2014.

Over the past five years, there have been 54 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,000. There were 53 renovation/alteration projects (A2) applied for with a total estimated value of $9,775,033.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link