UDR borrows $197.5M from Wells Fargo for resi rentals in the Upper West Side
UDR borrowed $197.5 million from Wells Fargo Bank for residential rental condominiums on the Upper West Side in three separate transactions. The total debt was cut by 25 percent from $264.9 million previously financed through Wells Fargo which sold the loans to Fannie Mae.
In the first, UDR through the entity Columbus Square 808 LLC as borrower signed a loan agreement with lender Wells Fargo Bank,National Association valued at $149.3 million for 1 parcel, including the tax class residential condo (multiple) recorded as sold in Acris (MC) and containing 359 residential units at 808 Columbus Avenue in the Upper West Side. The deal closed on January 29, 2021 and was recorded on March 23, 2021.
The property contains a total of 336,871 square feet of built space.
The average loan per unit is $415,794.
This refinanced a 2012 mortgage held by Fannie Mae totaling $182.7 million. The last time the property sold was January 11, 2012 for $339,326,606.
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 $2,142,180.
Direct link to Acris document. link
In the second, UDR through the entity Columbus Square 795 LLC as borrower signed a loan agreement with lender Wells Fargo Bank,National Association valued at $35.4 million for 1 parcel, including the tax class residential condo (multiple) recorded as sold in Acris (MC) and containing 132 residential units at 795 Columbus Avenue in the Upper West Side. The deal closed on January 29, 2021 and was recorded on March 23, 2021.
The property contains a total of 127,757 square feet of built space.
The average loan per unit is $268,288.
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 $4,345,778.
Direct link to Acris document. link
In the third, UDR through the entity Columbus Square 805 LLC as borrower signed a loan agreement with lender Wells Fargo Bank,National Association valued at $12.8 million for 1 parcel, including the tax class residential condo (multiple) recorded as sold in Acris (MC) and containing 63 residential units at 805 Columbus Avenue in the Upper West Side. The deal closed on January 29, 2021 and was recorded on March 23, 2021.
The property contains a total of 65,019 square feet of built space.
The average loan per unit is $203,333.
Direct link to Acris document. link