Rockrose Development Corp. closes financing of 200 Water St.: $110 million

Rockrose Development Corp. has closed on the long-term financing of its 32-story apartment tower at 200 Water St. in the amount of $110 million. The new loan was closed with Wells Fargo who then sold the loan to Freddie Mac. Proceeds of the new loan, in part, went to repay the previous lender in full prior to loan maturity. This residential rental property consists of 576 units and various retail space at its base. Just prior to refinancing, the property was vacated of its residential tenants and underwent a comprehensive interior renovation and upgrade. Due to Rockrose's hands on construction and management expertise, the property was successfully released to full occupancy within 10 months during an extremely challenged rental market. As a result, the refinancing effort generated significant competition within the capital markets and ultimately closed with favorable financing terms. An owner/builder/manager with a reputation for architectural excellence, sensitivity to neighborhoods, and creative approaches to management, Rockrose Development Corp., founded in 1970, has developed over 10,000 residential units and has built or acquired over 3 million square feet of office space.