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NEW YORK CITY-Anbau Enterprises has secured a mezzanine loan for the construction of a residential condominium on the Upper West Side. The firm plans to begin construction on the $52-million effort later this summer.
The site is located at 120 West 72nd St. between Columbus and Amsterdam avenues. The development will have less than 30 units. Initial residences scheduled for delivery in late 2007. The 60,000-sf, 16-story building will have a 4,000-sf first floor commercial space and a residents' recreational center located at the garden level. GoldenTree InSite Partners provided the mezzanine part. Senior financing was provided by Fremont Investment & Loan.
"The Upper West Side contains some of the most desirable apartments in New York City and our site is less than a block and a half from Central Park," explains Stephen Glascock, president of Anbau. "Our building's unique facade will have a mixture of brick and bay windows and will possess an architectural character that will complement the surrounding neighborhood."
Glascock points out that the site will have easy access to transportation, plus a 24-hour doorman and 10-ft ceiling heights. The development will have a combination of two-bedroom units as well as full-floor units.
Locally based Anbau is headed up by principals Glascock and Barbara van Beuren. Anbau is German for "to add onto."
GoldenTree was formed a year ago as a joint venture between founding partners Tom Shapiro and Joshua Pristaw and GoldenTree Asset Management. GoldenTree InSite Partners pursues value-added real estate opportunities through direct equity investment and mezzanine lending activities. GoldenTree manages $4.5 billion of absolute return assets and has total assets under management exceeding $7 billion.
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