TF Cornerstone borrows $179M from Wells Fargo for 356-unit Chelsea Centro

TF Cornerstone through the entity 200-220 West 26 LLC as borrower signed a loan agreement with lender Wells Fargo Bank valued at $178.8 million for the Chelsea Centro complex at 200 West 26th Street and 220 West 26th Street in Chelsea, containing 356 residential units. The deal closed on October 1, 2019 and was recorded on October 8, 2019. The loan refinances what remained from a $121.4 million in debt that was issued in 2010 and packaged into a CMBS loan, plus an additional $76.5 million in new debt. The new lender, Wells Fargo, transferred the entire loan to Freddie Mac, city records show.
The property contains a total of about 400,000 square feet of built space in the two parcels, including the tax class multifamily, luxury type (D8).
The average loan per unit is $502,107.
The last time the property sold was December 23, 2009, for $77,207,114.

Over the past five years, there have been 10 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 10 renovation/alteration projects (A2) applied for with a total estimated value of $1,313,240.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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