New Wells Fargo Loan Keeps Manhattan Plaza Affordable
Carl Gaines Sept. 14, 2012, 3:39 p.m.
The 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 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.