Fetner Gets $202M Refi for Midtown Mixed-Use Property
By Mack Burke October 6, 2017 12:15 pm
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The New York State Housing Finance Agency has provided Fetner Properties, Inc. with a $176.8 million loan for The Epic, a 59-story primarily residential skyscraper located at 125 West 31st Street.
The financing was assigned to Wells Fargo, property records show. The $176.8 million senior portion replaces a previous Wells Fargo (WFC) loan of the same amount, a source with knowledge of the deal told CO. HFA also provided an additional $25 million subordinate note for the construction of the building’s multifamily portion where 20 percent of the units are reserved for affordable housing, according to information from HFA’s website.
The loan proceeds came from Wells Fargo’s direct purchase of long-term, tax-exempt and taxable bonds, the source said.
Fetner Properties acquired the Durst Organization’s stake in the 473,783-square-foot, 459-unit condominium building in April 2016 as part of the two firms dissolving its $740 million residential development partnership, Durst Fetner Residential.
The building was constructed in 2005 and includes 326,067 square feet of residential space, roughly 4,917 square feet of retail space and 25,009 of parking garage space, according to information from PropertyShark. It is comprised of a five-story facility for a non-profit organization and an 11-story American Cancer Society “Hope Lodge” to support cancer sufferers, according information from HFA and ACS.
Officials at HFA did not immediately respond for a request for comment on the financing. Officials at Fetner Properties did not immediately respond for a request for comment.
Additional reporting by Rebecca Baird-Remba
