Wells Fargo Records a $75.75M Agreement on 1010 Washington Ave

Wells Fargo has put $75,750,000 on the Bronx land record at 1010 Washington Ave, and the paper around it shows the bank stepping into debt that Popular Bank held.

Why it matters

The City Register shows five documents recorded together on Sept. 23, dated Sept. 18: a deed, two assignments from Popular Bank to Wells Fargo, a $12,788,471.31 mortgage and a $75,750,000 agreement. Both money documents name 1010 Claremont Res LLC and Wells Fargo Bank, N.A. That combination, assignments plus a new mortgage plus a large agreement, is how a lender takes over and restates existing debt. The agreement type alone does not tell us its terms, so we do not call it a new $75.75M loan.

Wells Fargo is the active party in a borough where larger bank paper keeps surfacing; see Bally’s $560M WhiteHawk mortgage for a different Bronx lender.

The numbers

City tax-lot data lists the building at 1010 Washington Ave as an 11-story, 2023 build with 218 residential units, 330 total units and 203,951 sq ft of building area on an 18,431 sq ft lot.

• $75,750,000 divided by 218 residential units is about $347,477 per unit.
• The same figure over 203,951 sq ft of building area is about $371 per sq ft (building area, not saleable area).
• The $12,788,471.31 mortgage is about 17% of the agreement amount.

The deed in the package carries a $0 amount and moves units P1 and R1 (lots 1201 and 1205) from 1010 Claremont Village LLC to 1010 Claremont Res LLC, so the borrower is the sibling entity holding those condo lots. The tax-lot owner of record is 1010 Claremont Village LLC.

What’s next

Watch for a satisfaction of the Popular Bank mortgages or a consolidation filing that spells out the agreement’s terms; neither appears in this package. Until then the record supports the money amounts and the parties, not an interest rate or maturity. More deal flow sits on our New York hub.