(To read more on the multifamily market, click here.)
NEW YORK CITY-An investment partnership called 261 West LLC will demolish three vacant buildings in North Chelsea and erect an 11-story condominium complex. The group secured $55 million in financing for the acquisition and development of the project.
The financing consisted of a $46-million senior loan and a $9-million mezzanine loan. They were provided by separate divisions of a major international commercial bank. Sonnenblick Goldman arranged the financing package.
The 53-unit condo will be located at 261 West 28th St. The building will also include retail space fronting Eighth Avenue and West 28th Street, a fitness room, meditation garden, as well as several parking spaces for residents.
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