Partners Blackstone Group and Ivanhoe Cambridge has secured an additional $150 million in financing from Wells Fargo for Peter Cooper Village-Stuyvesant Town. Wells Fargo supplied the duo with $2.7 billion in acquisition financing in 2015 for the project. Under the terms of the original loan agreement, Blackstone can maintain a 50 percent loan-to-value ratio on the property and this value is now valued at $5.7 billion. The city of New York also granted Blackstone $144 million, the same amount the company paid in transfer tax.
Security for the loans is provided by the 11,200 unit complex, to the exclusion of the 250,000 square feet of air rights. These include 25,000 square feet for commercial use, 25,000 square feet for residential use, and 200,000 square feet for a community facility. In a deal with the city, Blackstone agreed to keep 5,000 units affordable for 20 years in exchange for a $225 million subsidy package and the right to use available air rights outside of the confines of the Stuy Town blocks.
