Avison Young arranges $404MM permanent loan for iconic 479-unit multifamily building The Archive at 666 Greenwich Street

Freddie Mac provided the financing to Rockrose Development affiliate through PNC Bank

New York, NY – Global real estate advisor Avison Young arranged a $404 million mortgage loan on behalf of an affiliate of Rockrose Development for The Archive, a 479-unit one-of-a-kind luxury rental apartment building located at 666 Greenwich Street in the heart of Manhattan's West Village neighborhood. The financing was provided by Freddie Mac through PNC Bank as seller-servicer.

Avison Young’s Tri-State Debt and Equity Finance team led by Principals Scott Singer and Andy Singer, Executive Director Kevin Swartz and Senior Director Kathleen McSharry arranged the financing alongside Rockrose COO Richard Brancato and Vice President Jim Lerro. PNC Bank’s team was led by Sean Gorman, SVP, Regional Mgr, and Tom Podgorski, Head of NE Originations.

“This financing underscores the ongoing strength of the New York City multifamily market and the excellence of this unique property,” said Scott Singer. “Our relationship with Rockrose, which spans more than half a century, is a testament to a legacy of collaboration that has driven consistent success across many market cycles.”

“Henry [Elghanayan] and Andy [Singer] were early in their career the first time they collaborated on The Archive, and our entire team is proud to have concluded another successful financing of this iconic asset,” said Brancato. “This loan also continues our long relationship with PNC Bank, which dates back to our successes together during the first office-to-resi conversion phase in the mid-1990s.”

“PNC Bank is proud to build on our decades-long relationships with both Rockrose Development and the Singer Team at Avison Young,” said Podgorski. “Rockrose pioneered the development of the West Village as a residential neighborhood in the early 1980s, and their proactive management style has kept The Archive an attractive and desirable address for multiple generations of New Yorkers.”

Designated as a New York City Landmark, The Archive is distinguished by its striking red brick Romanesque Revival-style exterior. The impressive 11-story full block building commands views in all directions above the predominantly low-rise West Village area. The double-height ceilings, arched windows and unique duplex loft layouts are among the distinctive architectural features that make The Archive one of NYC’s most prestigious rental residences.