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Wiener of Wells Fargo oversees $100 million Freddie Mac loan to TF Cornerstone
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New York, NY - According to Wells Fargo & Co., it has closed on a $100 million Freddie Mac loan to refinance The Fairfax, located at 201 East 69th St. The borrower, TF Cornerstone, will use proceeds of the fixed rate 10-year term loan to pay off a $66 million life insurance company financing.
"We have always been relationship driven and value the relationship we've developed with TF Cornerstone," said Matt Wiener, managing director of Wells Fargo who oversaw this transaction. "This frees up cash that would otherwise be locked into this building, enabling further expansion."
The Fairfax was originally constructed in 1927 as a commercial building to manufacture and warehouse silver products and later housed the New York offices of the FBI. In 1980, TF Cornerstone converted the building into a mixed-use residential rental apartment building with retail and professional office uses on the lower two floors.
Overall, the subject property contains 313 apartments, including a 20,177 s/f component, 7,490 s/f of office space and a 72 car parking garage. As of March 2010, the property is 99.7% occupied.
"This refi, along with the proceeds from the December 2009 refinancing of Chelsea Centro gives our company even more ammunition to pursue acquisitions and continue developing our portfolio," said Derek Marcus, associate of TF Cornerstone.
Wells Fargo provided the $121.434 million Freddie Mac refinance loan for Chelsea Centro, a 356-unit apartment complex located in the city.
The Singer & Bassuk Organization advised TF Cornerstone Inc. on both refinancings.
Wells Fargo & Co. is a diversified financial services company with $1.2 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance.
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