Wells Fargo has provided a $150 million financing to Related Companies on a 52-story Tribeca Tower apartment building at 105 Duane Street in Manhattan.
The financing included a new $52.5 million gap mortgage and replaces $97.5 million in existing debt originated in October 2005, including a $55 million mortgage from the New York Housing Development Corporation and a $42.5 million mortgage from American Property Financing, city property records show.
Related Companies purchased the 440-unit property in 1993 from the Long Island-based DeMatteis Organizations, who built the property in 1990.
Last month, Wells Fargo led the $750 million financing of the One New York Plaza office building in lower Manhattan and also provided a $580 million loan to Douglas Emmitt Realty for the acquisition of a four-building office portfolio in Los Angeles, California.
New York City-based Related Companies has an existing portfolio of real estate assets valued at over $20 billion and also manages approximately $3 billion of equity capital on behalf of sovereign wealth funds, public pension plans, multi-managers, endowments, and family offices.
Last December the firm secured more than $6.3 billion in financing at the massive Hudson Yards development on Manhattan’s far west side along with Oxford Properties Group, with $3 billion of that financing in the form of debt. The lender and borrower did not respond to requests for comment.