Two Trees ups debt to $160M at 60 Water Street rentals in Dumbo

Two Trees Management through the entity Dock Street Rental LLC as borrower signed a loan agreement with lender Wells Fargo valued at $59.5 million for 6 parcels, including the tax class parking space (PS) and containing 290 residential units at 60 Water Street in Dumbo. The deal closed on August 6, 2020 and was recorded on August 26, 2020.
The average loan per unit is $346,552.
There already existed $100.5 million in bond-financed loans secured by this property for a total debt amount of $160 million. The signatory for Two Trees was Amish Patel.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 290 residential (or hotel) units on November 25, 2014.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Anna Belobrovka