Rose Secures $125M Loan For High-Rise Apartments

Law360, New York (October 25, 2011, 4:34 PM EDT) -- New York developer Rose Associates Inc. has closed on a $125 million loan financed by Wells Fargo Bank to develop a 20-story luxury apartment building on the Upper West Side with space for public housing, Rose announced Monday.

Funded through a bond offering conducted by the New York State Housing Finance Agency, the loan will facilitate Friendland Properties' development of The Larstrand, a high-rise apartment building with 181 residences, 37 of which will be designated as affordable housing.

The high-rise building, located on Broadway between 77th...
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