NEW YORK CITY — Blank Rome LLP represented Wells Fargo Bank, N.A., in the closing of a $2.7 billion loan under the Fannie Mae DUS program for the acquisition of Stuyvesant Town-Peter Cooper Village, the largest apartment complex in New York City.
The mixed-use apartment complex includes more than 11,000 units and was acquired by The Blackstone Group, in partnership with Ivanhoe Cambridge Inc., from CWCapital Asset Management for a total purchase price of $5.3 billion.
As part of the financing structure, the City of New York and the purchaser agreed that 5,000 apartments be designated as affordable housing units for a period of no less than 20 years. Under the binding regulatory agreement entered into by the parties at closing, the majority of these units will be allocated to middle-income families.
The transaction is part of the City of New York’s plan to build and/or preserve 200,000 affordable housing units over a 10-year period. It is the largest single transaction to support the preservation of affordable housing in New York City’s history, according to Blank Rome.
Deborah Franzblau and Carmen Pagan led the Blank Rome team, and were assisted by Toni Jordan, Krishana Pleasant and Rhina Roberts.
— Haisten Willis