Two Trees borrows $69M from Wells Fargo for two Brooklyn rental refis

Two Trees Management borrowed $69.1 million from Wells Fargo for two properties in Brooklyn in two separate transactions.

In the first, Two Trees Management through the entity Dumbo Lofts Rental LLC as borrower signed a loan agreement with lender Wells Fargo Bank, National Association valued at $38.0 million for 2 parcels, including the tax class multifamily, converted (D5) and containing 127 residential units at 65 Washington Street and 66 Water Street in Fulton Ferry. The deal closed on November 13, 2020 and was recorded on December 1, 2020.
The property contains a total of 123,700 square feet of built space.
The average loan per unit is $299,236.

Over the past five years, there have been 5 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 $232,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $607,675.
Direct link to Acris document. link

In the second, Two Trees Management through the entity 30 Washington Rental LLC as borrower signed a loan agreement with lender Wells Fargo Bank, National Association valued at $31.1 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 94 residential units at 26 Washington Street in Fulton Ferry. The deal closed on November 13, 2020 and was recorded on December 1, 2020.
The property contains a total of 87,129 square feet of built space.
The average loan per unit is $330,532.

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 94 residential (or hotel) units on June 19, 2013.

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