Rockrose refis 576-unit FiDi rental with $136M from Equitable

Rockrose Development through the entity 200 Water Spe L.L.C. as borrower signed a loan agreement with lender Equitable Financial Life Insurance Company valued at $136.3 million for 1 parcel, including the tax class multifamily, luxury type (D8) and containing 576 residential units at 200 Water Street in Financial District. The deal closed on September 24, 2020 and was recorded on October 15, 2020.
The property contains a total of 541,000 square feet of built space.
The average loan per unit is $236,545.
The financing includes an $11.8 million gap loan. The prior debt had a maximum principal of $15.27 million provided in 2010 and 2013. The last time the property transferred was November 16, 2010, for $221,900,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 576 residential (or hotel) units on September 20, 2012.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $167,950.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link