Rockrose Development's Affiliate Secures $293M Loan For Lyra Apartment Building At 555 West 38th Street

Rockrose Development, an affiliate of Richard Brancato, has secured a $293 million permanent loan for the Lyra, a 51-story, 590-unit apartment building located at 555 West 38th Street in Hudson Yards. The loan was provided by Wells Fargo, the Delegated Underwriting and Servicing (DUS) lender.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $293,000,000
• Units: 590
• Loan Lender: Wells Fargo
• Landlord: Richard Brancato - Affiliate of Rockrose Development
• Brokers: Andrew Singer, Kathleen McSharry & Scott Singer - Avison Young

This latest transaction reflects the ongoing relationship between Rockrose and Avison Young. The five-year fixed-rate Fannie Mae loan provided by Wells Fargo will contribute to the continued development and success of the Lyra apartment building.