New Wells Fargo Loan Keeps Manhattan Plaza Affordable
By Carl Gaines September 14, 2012 3:39 pm
reprintsThe Mortgage Observer has learned that the Related Companies has refinanced the loan on Manhattan Plaza, its 46-story, 1,689-unit affordable housing property at 400 West 43rd Street.
The property was refinanced by Wells Fargo (WFC) Mutifamily Capital with a $450 million loan, keeping it affordable for its residents—70 percent of whom are performing artists. The balance, according to Related’s Web site, are a mix of elderly and residents in housing subsidized through the Section 8 program.
Related and Wells Fargo both declined to comment on the financing, or provide any details about the terms.
cgaines@observer.com
