Wells Fargo had an outsized influence on the Stuy Town deal In 1852, four years after gold flakes were first discovered at Sutter’s Mill, Henry Wells and William Fargo founded a company that would play a crucial role in the California Gold Rush. Wells Fargo’s bankers would buy gold and guarantee transactions, and its six-horse stagecoaches would hurtle across the Great American West, delivering the goods. Fast forward more than 150 years and the gold is all gone, but Wells Fargo now finds itself at the center of a potentially even more lucrative industry: the New York multifamily market. Its outsized influence in the Stuyvesant Town-Peter Cooper Village deal emphasizes this: the bank was the master servicer and lead lender under the old ownership, it owns Eastdil Secured, the firm that brokered the transaction, and it is also originating the acquisition loan for the new buyers. (more…)
Source: The Real Deal
