Wells Fargo Lends $173M on Manhattan Apartment Property Buy
Eugene Asset Management landed $172.9 million of acquisition financing for its purchase of an Upper West Side multifamily asset from Related Companies, Commercial Observer has learned.
Wells Fargo originated the Fannie Mae-backed loan which carries a seven-year term with five years of interest-only payments to Eugene, a Korean-based asset manager that acquired The Lyric luxury apartment property from Related for $266 million. Cushman & Wakefield‘s Gideon Gil and Lauren Kaufman arranged the financing.
PincusCo first reported news of the sale, which marked Eugene’s first U.S. purchase.
Cushman & Wakefield’s Adam Spies and Doug Harmon arranged the transaction.
Located on 255 West 94th Street, The Lyric comprises 285 units within steps of Central Park. The property’s amenities include a business center, rooftop sun terrace, children’s playroom, and fitness center.
Officials for Wells Fargo and C&W did not immediately return requests for comment. Eugene could not be reached for comment.
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