New York City-based HFF has provided $20 million in financing for a condominium development on Manhattan’s Upper West Side. Working on behalf of the developer, privately owned real estate company Ekstein Development Group (EDG), the HFF team placed the floating-rate construction loan with S3 Capital Partners.
The HFF team featured managing director Christopher Peck, senior director Peter Rotchford and managing director Rob Hinckley.
The development, known as 140 West 81st Street, is a five-story Victorian-era church. It is slated for redevelopment as a for-sale boutique residential property that will retain its first and lower level as church space. The design by DXA Studio calls for integrating the façade and high ceilings of the existing church to yield unique, full-floor residences.
Additional two floors
The plans also incorporate the addition of two floors on top of the existing structure, which was built in 1893. This extra square footage will allow for the creation of a total of five four- or five-bedroom residences that will average 3,700 square feet in size.
The property will ensure homeowners convenient access to public transportation. The 1, 2, A, B and C subway lines are situated two blocks from the development. American Museum of Natural History and Central Park are each less than a block east.
The majority of EDG real estate is built by two EDG-owned construction companies, E&T Skyline Construction and TyJor Construction.