Wells Fargo & Co. and Blackstone Group LP agreed to buy about $560 million of U.S. property loans from Eurohypo AG, a German bank, said three people with knowledge of the transaction.
The deal will include debt on a New York property designed by Frank Gehry that calls itself the tallest residential tower in the Western Hemisphere, the people said, who asked not to be named because the information is private. The letter of credit on the “New York by Gehry” building at 8 Spruce St. is the largest of about 13 loans being sold by Eurohypo, said one of the people. Wells Fargo will buy that loan, the person said.
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