NEW YORK CITY-Rockrose Development Corp. said Thursday it has completed the long-term financing of its 32-story rental apartment tower at 200 Water St. The loan is for $110 million; terms were not disclosed.

Rockrose closed the loan with Wells Fargo, which sold it to Freddie Mac just before 2010 closed.  Part of the new loan’s proceeds went to repay the previous lender in full prior to loan maturity, according to Rockrose.

Originally built in 1971, 200 Water St. served for several years as dormitory housing for New York University. Rockrose acquired it in 1997, subsequently repositioning it as a 576-unit luxury rental. The Downtown property was open as a full-service rental for less than a year before achieving 100% occupancy this past September amid what Rockrose says was a “challenging” rental market.

A spokesman tells GlobeSt.com that Rockrose did not turn to outside financial advisors in obtaining the loan. According to Rockrose, the property’s solid fundamentals—in particular, the owners’ success at leasing all 576 units in the space of 10 months— garnered “significant competition within the capital markets” and resulted in favorable financing terms.

Manhattan’s rental market is on the upswing, according to a report released this week by the Real Estate Group New York, with December rents “bucking the seasonal trend” to increase 0.62% across the board. “Looking to preliminary bonus and employment figures, the outlook is good for the continued health of the rental market,” TREGNY says in its report. “And as this data continues to be positive, we anticipate the strength of the rental market to further increase.”