Wells Fargo Provides $460M Refi for Hell’s Kitchen Multifamily Development

Gotham Organization has sealed a $460 million debt package to refinance a 1,238-unit multifamily development in Manhattan’s Hell’s Kitchen neighborhood.

Wells Fargo’s multifamily capital group closed the direct bond purchase facility for the developer’s Gotham West property that consists of 555 market-rate apartments along with 683 units designated as affordable or middle income, according to the lender. 

The refi of a previous $460 million loan comprises $260 million of fixed-rate debt and $200 million of floating-rate debt, with Wells Fargo also obtaining a credit enhancement for the deal from Fannie Mae. It refinances an existing 10-year direct purchase that Wells Fargo has held since 2011 when it co-led a construction facility for the project. 

Located at 550 West 45th Street, the 2013-built Gotham West was financed with 100 percent tax-exempt bonds issued by the New York State Housing Finance Agency in exchange for setting aside roughly half of the apartments as affordable or middle income. Its amenities include two fitness centers, an outdoor courtyard, a roof deck, coworking space and two children’s playrooms.

Officials at Gotham Organization did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com