Two Trees gets $229M in financing for Mercedes House
The Real Deal 12/15/2011
By Adam Fusfeld
Two Trees Management has secured $229 million in construction financing for the second phase of its massive Mercedes House development on the Far West Side, according to Morrison & Foerster, the law firm that represented lenders Wells Fargo and JPMorgan Chase in the deal.
About 60 percent of the loan comes from proceeds of bonds issued by the New York State Housing Finance Agency which will fund about 480 units, 100 of which are reserved for low-income households. The remainder will finance 162 residential condominium units.
The first phase of the Mercedes House, at 555 West 53rd Street, opened for occupancy in May. All told the complex will consist of 850-plus market-rate rental, low-income rental and condo units. Two Trees got a $77 million loan from the state’s Housing Finance Agency in January for the first phase of construction.