Empire Management Secures $23.5 Million Refinance Loan From Wells Fargo For Multifamily Asset

The asset involved in this transaction is a 72-unit residential elevator building located at 3 West 36th Street in Manhattan's Garment District. The property has a total square footage of 68,721 and has been refinanced with a loan amount of $23,500,000.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $23,500,000
• Address: 3 West 36th Street
• Market: Garment District, Manhattan
• Lender: Wells Fargo
• Landlord: Fred Ohebshalom - Empire Management
• Previous Loan Amount: $19,800,000
• Previous Lender: Flagstar Bank

Empire Management, represented by Century 3w36-At LLC, completed the refinance, replacing the previous debt held by Flagstar Bank. This transaction emphasizes the strategic financial maneuvering within the New York multifamily market.