Two Trees Management borrows $45M from Wells Fargo in new debt at Mercedes House in Clinton

Two Trees Management through the entity MH Rental LLC as borrower signed a loan agreement with lenders Wells Fargo and the New York State Housing Finance Agency valued at $190 million for 4 parcels, including the tax class cultural, medical, educational, etc., condominium unit (RA) and containing 480 residential units at Mercedes House at 550 West 54th Street in Clinton. The deal closed on January 15, 2020 and was recorded on February 19, 2020.

Two Trees obtained this additional $45 million from Wells Fargo on top of the existing $145 million provided by the New York State Housing Finance Agency.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 864 residential units on July 25, 2012.

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