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EXCLUSIVE: Chelsea Condo Secures $204M

NEW YORK CITY-A joint venture closes on a $203.6-million construction loan for a residential condominium at 101 West 24th St. Earlier this month, one of the parties to this deal secured a $159.4-million construction loan for a condominium project on 34th Street.

By Barbara Jarvie | Updated on April 24, 2006

(To read more on the debt and equity markets and the multifamily market, click here.)

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.

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