Rockrose Receives $65M Wells Fargo Refi for West Village Digs
Cathy Cunningham July 13, 2016, 5:30 p.m.
Wells Fargo has provided the Elghanyan family-run firm Rockrose Development Corp. with a $65 million mortgage for 100 Jane Street in the West Village, according to property records. The debt was arranged by Andrew J. Singer and Kathleen McSharry at The Singer & Bassuk Organization, and consolidates and replaces two previous notes on the building for $17.9 million and $50 million.
The red brick property sits on a cobbled street at the intersection of the West Village and the Meatpacking District and has 148 rental residences, according to property details listed on Rockrose’s website. Its amenities include a fitness center, roof-deck and interior courtyard. Three newly-renovated one-bedroom apartments are currently available to rent, with prices ranging from $4,650 to $6,275.
It’s not the first time that the Manhattan-based developer transacted with Wells Fargo. The lender also led the $270 million financing for 43-25 Hunter Street in Long Island City last summer, as previously reported by Commercial Observer.
Additionally, Singer & Bassuk has been arranging loans for Rockrose for over 40 years, as previously reported by CO. The transactions including a $60 million Fannie Mae loan to refinance 110-114 Horatio Street, also in the West Village, in May 2015.
Officials at Rockrose and Wells Fargo did not immediately respond to requests for comment.