Fetner Properties has received $183 million from the state and federal government to refinance a 45-story Hell’s Kitchen rental building. Located at 501 West 41st Street, the 417 unit rental building (known as the Victory) has 100 affordable apartments. The New York Housing Finance Agency provided $139 million from the proceeds of tax-exempt bonds that were issued in December 2016. The bonds, in the amount of $114.5 million and $24.5 million, replaced a previous issuance from the early 2000s, which were used to fund the acquisition and construction of the apartment building, according to mortgage documents.
The larger of the bonds will be used to refund outstanding principal on the original bonds, while the $24.5 million will go toward renovations and other costs. The Federal Home Loan Mortgage Corporation (Freddie Mac) provided a $44 million loan to secure the state’s financing.
