Wells Fargo Lends $249M on Global Holdings’ NoMad Resi Tower

Global Holdings Management just landed a $249.2 million refinance for Anagram NoMad, its 50-story luxury residential tower at 10 East 29th Street, Commercial Observer has learned. 

Wells Fargo’s multifamily capital group provided the Freddie Mac loan, which retires an existing balance sheet loan from the lender. Andrew Cohen and Shane Hogan, directors at Wells Fargo, led the financing. 

Eyal Ofer’s Global Holdings purchased the building — then known as the Instrata Nomad — in February 2020 from Los Angeles County Employees’ Retirement Association, paying $380 million. 

The deal was struck just before the pandemic turned Manhattan’s rental market upside down, and so the firm had to quickly pivot — alongside architect Fogarty Finger — to adjust the building’s construction timelines, updating each unit as existing tenants left, adding amenities, renovating common spaces and ultimately rebranding to Anagram NoMad. 

The property sits in a coveted spot between Madison and Fifth avenues and just three blocks north of Madison Square Park, with studio rents starting at $3,972 and three-bedroom units going for $15,994 per month. It includes 392 units total with top-tier amenities such as an indoor and outdoor rooftop with city views, a bar, a game room and a lounge. It also features a gym with a climbing wall and a yoga studio, coworking space, a children’s playhouse and a library. 

Wells Fargo’s multifamily capital group has been busy. In June, it led a $460 million debt package for Gotham Organization’s 1,238-unit multifamily package in Manhattan’s Hell’s Kitchen neighborhood. 

As for Global Holdings, earlier this month the firm announced it’s adding another property to its Anagram-branded portfolio. It just made a $33 million equity investment in 450 Union Street, a 158-unit residential tower located along Brooklyn’s Gowanus Canal. Working in partnership with developers MacArthur Holdings and Tankhouse, the building will soon be rebranded Anagram Gowanus. 

Global Holdings declined to comment. 

Cathy Cunningham can be reached at ccunningham@commercialobserver.com.