New Wells Fargo Loan Keeps Manhattan Plaza Affordable

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.

manhattan plaza 450x570 New Wells Fargo Loan Keeps Manhattan Plaza Affordable

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.

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