JV Lands $215M for NYC Condos
Cape Advisors, Strategic Real Estate and Forum Absolute Capital Partners scored financing from Eastern Consolidated's Capital Advisory Division for the development in Manhattan's Special Hudson Square Zoning District.
By IvyLee Rosario
Cape Advisors, in a partnership with Strategic Real Estate LLC and Forum Absolute Capital Partners, secured a $215 million construction loan for its development at 537 Greenwich St. within New York City’s Special Hudson Square Zoning District. Eastern Consolidated’s Capital Advisory Division arranged the loan from Bank of the Ozarks. Managing Director Adam Hakim and Director James Murad represented the borrower and previously placed a bridge loan with Bank of the Ozarks for the acquisition of the site and air rights for the project.
The site comprises 228,000 square feet encompassing two combined lots, 537 Greenwich St. and 110 Charlton St. Air rights were obtained from five adjacent properties. The project was designed by the architectural firm Loci Anima, in partnership with executive architect Adamson Associates. The shovel-ready, 27-story, 170-unit luxury condominium building will feature apartments with an average of 1,211 square feet of space, starting at a price of under $1.2 million. Interior features designed by Sebastien Segers Architecture will include 10-foot ceilings, full slab marble kitchen counters, eight-inch white oak floors and expansive stone bathrooms. The property will also include 2,332 square feet of ground floor retail and 31 parking spaces.
“This condominium development is being built in one of the most dynamic areas of Manhattan, Hudson Square, which was recently rezoned from manufacturing to residential use,” Hakim told Multi-Housing News. “The neighborhood is situated at the intersection of Tribeca, SoHo, and Greenwich Village, making it a terrific location for a new residential building. The transportation is great and retail is steadily moving west from SoHo.”
The development is situated one block east of Hudson River Park and West Street, with transportation available through the 1 train on Varick Street and the C and E trains on Avenue of Americas. Earlier this year, Eastern Consolidated’s Capital Advisory Division arranged a $108 million loan for Xin Development International’s 82-unit residential condominium project, also in Manhattan.
Image courtesy of Eastern Consolidated