Manhattan Condo Project Lands $35M Loan
Maxim Capital Group provided the two-year construction completion and condo inventory financing.
Fine Properties of New York has secured a total of $35 million in construction completion and condo inventory financing for The Elisa, an 11-story luxury condominium property in Manhattan’s Chelsea neighborhood. Cushman & Wakefield arranged the two-year loan on behalf of the borrower. Provided by Maxim Capital Group, the financing has two six-month extension options.
The building was designed by award-winning firm Isay Weinfeld Architects, while Pizzarotti serves as the general contractor.
The Elisa will span approximately 33,550 square feet and feature 25 units, incorporating premium appliances and finishes. Forbes revealed that floorplans span from one- to three-bedrooms, as well as a four-bedroom penthouse. A 24-hour doorman, a garden with an open terrace, a bike room, a gym, a storage room, as well as private and shared rooftop decks with outdoor kitchens, are among the amenities at the property.
Developing condos in volatile market conditions
New York City’s condo developers are continuously striving to meet the demand and resident needs as people learn to live with the aftermath of the pandemic and its long-term effects on lifestyle patterns. Outside patios, green spots and coworking spaces have never been more popular than in the current market.
Located at 251 W. 14th St., the condo development rose near the intersection of the West Village and the Meatpacking District, within walking distance of two subway stations, providing commuting options throughout Manhattan.
The Cushman & Wakefield Equity, Debt & Structured Finance team representing the borrower in the transaction included Senior Director Lauren Kaufman, Executive Managing Director Gideon Gil, Managing Director Dale Braverman and Analyst Cecelia Galligan.