By IvyLee Rosario
Delshah Capital has landed a $130 million construction loan, in partnership with Square Mile Capital Management, to finance the conversion of a five-building medical facility into a luxury rental community in Manhattan‘s Morningside Heights neighborhood. Eastern Consolidated arranged the financing on behalf of the company.
“We were very pleased by the collaboration between Delshah and our deal partners, Square Mile Capital and Eastern Consolidated. Closing a loan of this magnitude, in this market, was a total team effort,” Michael Shah, principal & CEO of Delshah Capital, told Multi-Housing News. “With the financing now complete, we are truly excited to move forward with what will be one of the city’s extraordinary projects of the new year—the conversion and repositioning of this prime Manhattan site.”
Preserving Architectural Features
Located at 30 Morningside Drive, the 200,215-square-foot project will feature 205 units. Currently undergoing a gut renovation, interior demolition and abatement have been completed and the remaining construction work is scheduled to take two years to complete. Built between 1896 and 1928, the site comprises five Ernest Flagg-designed pre-war buildings, including a carriage house. Original architectural features include buff brick with granite bases, decorative iron balconies, marble ornament and red slate roofs. Two of the buildings have landmark exteriors.
“This is an opportunity for us to preserve the vision of the building’s original architect, the late Ernest Flagg. CetraRuddy, our architect, has delivered spectacularly on the charge to design a building of gravitas and architectural significance that honors the Flagg legacy, while incorporating modern luxuries and accents,” continued Shah.
Eastern Consolidated’s Managing Director Adam Hakim and Director of the Capital Advisory Division James Murad arranged the financing.
Images courtesy of Delshah Capital