Two Trees Management borrows $21M from Wells Fargo for multifamily property in Fulton Ferry

Two Trees Management through the entity Dumbo Lofts Rental LLC as borrower signed a loan agreement with lender Wells Fargo valued at $21.0 million for 4 parcels, including the tax class multifamily, converted (D5) and containing 221 residential units at 65 Washington Street, 66 Water Street, 26 Washington Street, 47 Front Street in Fulton Ferry. The deal closed on November 14, 2019 and was recorded on December 4, 2019.

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