Wells Fargo antes up $144m

Real Estate Weekly, Feb 9, 2005

Wells Fargo Bank N.A. provided a $144.6 million construction loan for a Brooklyn condominium conversion project.

The developer, Two Trees Management Company, will leverage the proceeds to create 259 residential condominiums out of the 361,000 square-foot former factory and office building located at 70 Washington Street in DUMBO.

"Wells Fargo is committed to building strong neighborhoods and strong business relationships," said Beth Herman, Real Estate Relationship Manager for Wells Fargo.

"Our experience serving large-scale commercial real estate customers nationwide makes us one of the country's leading lenders to borrowers purchasing income properties."

Construction began in November 2004, with the loan closing later that December, and is slated for completion in the fourth quarter of 2005.