NEW YORK CITY — Wells Fargo & Co. has closed on $100 million in Freddie Mac funds to assist with the refinancing of a New York City residential building. The Fairfax contains 313 apartment units as well as retail and office space on the lower two floors. Occupancy was 99.7 percent at the time of closing.
The borrower, TF Cornerstone, plans to use the loan proceeds to help pay down a $66 million mortgage held by a life insurance company. The new loan carries a 10-year term and a fixed interest rate. According to a press release, TF Cornerstone plans to use the liquidity freed up by the financing to pursue new acquisition opportunities.
Last December, Wells Fargo helped TF Cornerstone procured $121.43 million in Freddie Mac funds to refinance Chelsea Centro, a 356-unit apartment property also located in New York City.
— Coleman Wood