Eyal Ofer’s Global Holdings Management sealed a $249.2 million loan to refinance a 50-story residential tower in NoMad.
Wells Fargo originated the Freddie Mac-backed loan for Anagram NoMad at 10 East 29th Street, Commercial Observer reported. The financing replaces a prior balance sheet loan from the bank; Wells Fargo’s Andrew Cohen and Shane Hogan arranged the deal.
Global Holdings, led by the billionaire Ofer, acquired the property in early 2020 for $380 million from the Los Angeles County Employees’ Retirement Association, weeks before Covid sent Manhattan’s rental market into a tailspin.
Previously known as Instrata Nomad, the tower underwent a slow-burn overhaul. Global and its architect, Fogarty Finger, used tenant turnover to stagger renovations, upgrade amenities and rebrand the asset under the Anagram flag.
Today, the 392-unit building boasts rents starting just under $4,000 for studios and nearing $16,000 for three-bedroom units. Amenities match those prices, offering rooftop lounges with skyline views, coworking space, a library, yoga and climbing studios and a children’s playroom. The location doesn’t hurt, as it’s three blocks north of Madison Square Park and flanked by Madison and Fifth avenues.
Global Holdings declined to comment to the Observer on the deal.
The financing marks another big-ticket multifamily bet for Wells Fargo; its multifamily capital arm also led a $460 million package for Gotham Organization’s 1,238-unit Hell’s Kitchen portfolio in June. Last May, the bank refinanced the Durst Organization’s construction debt at 29-59 Northern Boulevard, a 960-unit rental building in Long Island City, with $450 million that included $90 million in new financing.
Global Holdings, meanwhile, is doubling down on its Anagram brand. Earlier this month, the firm invested $33 million in 450 Union Street, a 158-unit development along the Gowanus Canal in Brooklyn, where it’s partnering with MacArthur Holdings and Tankhouse to relabel the project Anagram Gowanus.
On the office front, Ofer recently signed financial firm Geller & Company to a 45,000-square-foot lease at 99 Park Avenue.
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