Alfa Development Nabs $113M Construction Loan From Santander, Wells
Cathy Cunningham July 14, 2016, 4:51 p.m.
Alfa purchased the building in August 2015 for $47.2 million, city records indicate.
“We’re very excited to be working with Wells Fargo and Santander Bank for our Gramercy Park project,” said Matthew Namer, the executive vice president at Alfa Development in prepared remarks. “The combination of Alfa Development’s decades long track-record of successful Manhattan condo projects, our conservative capital position, and this project’s prime location allowed us to have great selectability when choosing construction lenders in this market. Naturally, the prestigious Wells Fargo and Santander Bank were top choices.”
Alfa Development filed plans for the 20-story property with the Department of Buildings on March 11. The 118,711-square-foot property includes 5,309 square feet of retail space. The property will have 65 condo units, ranging from one- to four-bedrooms, according to The Real Deal.
There is currently a five-story, 10,745-square-foot apartment building with ground-floor retail on the site. The structure was built in 1920, according to PropertyShark.
No brokers were involved in the transaction.
Officials at Wells Fargo and Santander could not immediately be reached for comment.