PNC Bank Refis West Village Apartment Building With $404M Loan

Affiliates of Rockrose Development have sealed $404 million of agency debt to refinance a landmarked luxury apartment building in Manhattan’s West Village neighborhood, Commercial Observer has learned.

PNC Bank, in a seller servicer role, provided the loan, which will be purchased by Freddie Mac for the Rockrose’s property at 666 Greenwich Street known as the Archive. 

“Rockrose pioneered the development of the West Village as a residential neighborhood in the early 1980s, and their proactive management style has kept the Archive an attractive and desirable address for multiple generations of New Yorkers,” Tom Podgorski, head of Northeast originations at PNC, said in a statement. 

Located a half mile from New York University, the 472-unit Archive building was formerly a U.S. Appraiser’s warehouse before Rockrose repurposed it into luxury apartments in 1988. The 11-story property was designated as a New York City landmark in 1966. 

Avison Young arranged the financing with a tri-state debt and equity finance team led by Scott Singer, Andy Singer, Kevin Swartz and Kathleen McSharry. 

“This financing underscores the ongoing strength of the New York City multifamily market and the excellence of this unique property,” Scott Singer said in a statement. “Our relationship with Rockrose, which spans more than half a century, is a testament to a legacy of collaboration that has driven consistent success across many market cycles.”

Richard Brancato, chief operating officer at Rockrose, said in a statement that the firm has a “long relationship with PNC Bank” dating back to the mid-1990s. 

Rockrose inked an eight-year retail lease for the ground floor at the Archive in early 2024 from Continuum Club, spanning 25,000 square feet, CO previously reported. 

Andrew Coen can be reached at acoen@commercialobserver.com.