Well Fargo refinances New School loan in NYC

by   CIJ USA
2017-10-16   17:04
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The Bhatia Development Organization and Sherwood Equities has closed on a $92 million loan from Wells Fargo for the refinancing of a dormitory at the New School in New York City. The 10-year interest-only, fixed-rate loan includes a new gap mortgage of roughly $5 million and replaces a $94 million Wells Fargo loan made in 2014. The property is located at 318 East 15th Street across from Stuyvesant Park near Second Avenue. By refinancing the instrument, the borrowers were able to have the financing placed in a commercial mortgage-backed securities pool which will allow them the flexibility to make upgrades to the property, while lowering their interest rate.