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NEW YORK CITY-A joint venture has closed on a $203.6-million construction loan for a project at 101 West 24th St. LCOR Residential LLC and a West Coast pension fund plan to construct a 204-unit, 323,100-sf residential condominium on the site.
The project will be located on Avenue of the Americas between 24th and 25th streets in Chelsea. It is expected to be delivered sometime in 2007. The firm is also working on another condominium project that is also expected to be delivered in the same timeframe. Not even 30 days ago, the firm received approval for a $159.4-million construction loan for the Charleston located at 225 East 34th St. The 91-unit, 251,600-sf project will be located on 34th Street between Second and Third avenues.
Richard Bassuk, president of the Singer and Bassuk Organization, arranged both transactions. He was assisted by James O'Reilly in this most recent one. Helaba Bank is providing construction financing.
Bassuk says both transactions were very similar. "We were once again able to create keen competition between various lenders for the right to provide the financing for this project." He noted that there was "substantial interest shown by the lending community" for both transactions.
Kurt Eichler, executive vice president of LCOR, says the competition among potential financers produced "extremely attractive offers from various lenders regarding structure, proceeds and pricing." LCOR has approximately $8 billion in developments completed, under construction or in predevelopment. The Berwyn, PA-based firm has developed in excess of 20,000 residential units and more than 16 million sf of commercial space nationally.
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