Wells Fargo provides $145m on Manhattan apartments

Wells Fargo has provided a $145 million agency financing to the Brodsky Organization on the 430-unit Enclave at the Cathedral apartment building in the Morningside Heights neighborhood of Manhattan.

Wells Fargo has provided a $145 million Fannie Mae financing to The Brodsky Organization on the 430-unit Enclave at the Cathedral apartment building in the Morningside Heights neighborhood of Manhattan.

Enclave at the Cathedral, Manhattan
Enclave at the Cathedral, Manhattan

The bank had provided the previous debt on the property to the borrower in 2014, city records show.

The Brodsky Organization purchased a 100-year ground lease at the site from the Cathedral Church of St. John the Divine diocese for $39.67 million in March 2014. The 15-story building includes 87 affordable housing or rent-stabilized units.

Wells Fargo was the top commercial mortgage loan originator in the US in 2015. Among its largest Manhattan deals, the bank led the $750 million financing of the One New York Plaza office building in lower Manhattan this March.

In July the bank provided a $65 million financing on an apartment building in the West Village neighborhood in Manhattan, one month providing a $75 million Fannie Mae loan on the French Apartments near Madison Square Garden.

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