Wells Fargo has provided a $98.1m loan to Friedland Properties for a residential development project on the Upper West Side of Manhattan at 2234 Broadway, Real Estate Capital has learned based on city property records.
Current development plans call for a 20-story rental building and approximately 22,231 sq ft of retail space at the base of the property, located on the southeast corner of West 80th Street and Broadway.
Friedland, founded in 1960, owns a portfolio of more than 100 commercial real estate properties on the East Coast of the US. Among other residential Manhattan properties, the firm owns The Melar at 250 W 93rd Street and recently developed the nearby Larstrand apartments at 227 West 77th Street.
In June the company secured a $182m loan for the construction of a mixed-use development project at 7 West 21st Street that calls for two residential towers up to 185 feet tall. That project is part of the city’s 80/20 program, requiring that 20% of residential units be deemed “affordable” based on median income guidelines for the area.
State Assembly member Linda Rosenthal reportedly called for the 2234 Broadway development to reserve a similar affordable housing component, which the developers could give in to, especially if they seek to develop a project that exceeds the scope allowed under current zoning.
Friedland, Rose and Wells Fargo, one of the largest US lenders, did not respond to requests for comment on the progress at the site and loan terms, respectively, in time for publication.