(To read more on the multifamily market, click here.)

NEW YORK CITY-A joint venture has won a $206.5-million loan for the construction of a 210,213-sf mixed-used condominium community at the southeast corner of West End Avenue and West 70th Street. The loan will cover all the construction costs minus the equity put in.

Hypo Real Estate Capital Corp. secured the financing. The property is being developed by Clarett Capital LLC, which is a joint venture between the Clarett Group and Prudential Real Estate Investors and with ING/Clarion. The 27-story condominium will include 191 apartment as well as 27,000 sf of retail and a 76-car parking garage. No construction timetable has been announced.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.