Wells Fargo Provides $80M Refi for G-Holdings’ LIC Resi Tower
By Mack Burke December 20, 2017 3:08 pm
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Wells Fargo has provided an $80 million loan to New York-based G-Holdings Corporation to refinance Aurora, a 30-story luxury residential building located at 29-11 Queens Plaza North in Long Island City, Queens, according to records filed yesterday with the New York City Department of Finance.
The Dec. 7 financing replaces $80 million in previous Wells Fargo (WFC) debt—including two building loans and a project loan—that closed in December 2013 and funded construction of the project.
Wells Fargo split the debt into three substitute mortgages, the first being a $43.3 million advance in funds to the borrower—which was then assigned to Transamerica Financial Life Insurance Company, a private holding company for several life insurance and investment firms. The company is a subsidiary of Aegon N.V., a life insurance company headquartered in the Netherlands. Aegon acquired Transamerica in 1999.
Built in 2016, the property is located between 29th Street and 41st Avenue with 132 rental units above a 160-key Marriott Courtyard hotel that opened in May. Monthly rents for the apartments, which are on floors 15 through 29, range from $2,650 for one-bedrooms to $4,200 for two-bedrooms, according to the property’s website.
A representative for Wells Fargo did not immediately return a request for comment. Officials at G- Holdings could not immediately be reached for comment.
