Lending giant Wells Fargo has provided Boston-based Rockpoint Group with a $115m loan for the acquisition of the Wimbledon apartment building on the Upper East Side of Manhattan.
Rockpoint paid J.P. Morgan $218m for the recently-renovated 28-story apartment building at 200 East 82nd Street, putting the loan-to-value at 52%.
J.P. Morgan paid $150.8m for the property in 2008, investing a reported $15m in renovations — and combining certain apartments to create larger ones — before putting the building on the market in September.
Wells Fargo has worked with Rockpoint before, most recently providing the real estate investment firm with an $86m loan for the purchase of a California office campus, in that case approaching a 67% LTV. By June of last year the bank had cemented its position as the US’s largest commercial real estate lender.
In addition to more than 200 residential units at the Wimbledon, Citibank occupies a ground floor retail space. The property was built in 1980.