TF Cornerstone Lands $144M Wells Fargo Refi for 45 Wall Street
By Mack Burke December 19, 2017 5:50 pm
reprints
Wells Fargo has provided TF Cornerstone with a $144 million Freddie Mac financing package to refinance the developer’s residential skyscraper at 45 Wall Street, according to property records filed today with New York City Department of Finance.
The loan, which closed on Dec. 15, replaces a $134 million Fannie Mae loan that was assigned to J.P. Morgan Chase on Nov. 30. Wells Fargo (WFC)’s $144 million Freddie Mac (FMCC) refinance paid that loan off, and the bank provided an additional $9.8 million in proceeds, records show.
J.P Morgan provided a modification in the form of a first mortgage in order to give the borrower time to refinance its maturing Fannie Mae (FNMA) debt—which was then assigned to Wells Fargo two weeks later.
The 27-story, 493,187-square-foot residential high-rise building—located between William and Broad Streets in the Financial District—was built in 1958 and is comprised of 435 residential and five commercial units, according to PropertyShark. Eight of the residential units are vacant, according to TF Cornerstone’s website. Monthly rents at the property run from $2,845 for studios to $6,849 for three-bedrooms.
The building’s use was converted from office to residential in 1996, and is the former headquarters of Atlantic Insurance Company, according to CoStar Group. Chase Bank and Tourbillon are the building’s largest commercial tenants, occupying 8,341 square feet and 2,952 square feet, respectively.
Representatives for Wells Fargo and for TF Cornerstone did not provide comment before publication.
