The refi "frees up cash that would otherwise be locked into this building, enabling further expansion," says Matt Weiner, managing director at Wells Fargo, in a release. TF associate Derek Marcus says in the release that "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."
Wells Fargo also arranged the $121.4-million Chelsea Centro refi, again through Freddie Mac. The Singer & Bassuk Organization advised TF on both transactions.
The 16-story Fairfax was originally built in 1927 as a commercial building to manufacture and warehouse silver products. It later housed the New York offices of the FBI. The current ownership, at the time part of Rockrose Development Corp., in 1980 converted the building into a rental property with retail and professional office uses on the lower two floors.
Along with 313 apartments, the Fairfax includes a 20,177-square-foot retail component, 7,490 square feet of office space and a 72-car parking garage. As of last month, the property was 99.7% occupied, according to Wells Fargo.
TF was created this past October by brothers Thomas and Frederick Elghanayan, the outcome of the Elghanayan family's division of Rockrose into two separate entities. Rockrose and TF continue to share ownership of several office and residential properties here and in Washington, DC; the Fairfax and Chelsea Centro are not among them.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
