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Two Condo Projects Get Financing

NEW YORK CITY-As the condo market is cooling across the country, Downtown Manhattan's market is still seeing a steady development pipeline.

By Katie Hinderer | Updated on November 15, 2006

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

NEW YORK CITY-Two Downtown residential projects received funding yesterday to move forward with the projects. Canyon Capital Realty Advisors granted a $28.3-million senior bridge loan to Sleepy Hudson LLC and Apollo Real Estate Advisors provided $90 million in mezzanine financing to Leviev Boymelgreen Developers. Both projects are slated to be residential condominiums.

Apollo’s financing is for the 20 Pine-the Collection residential development in the financial district. This is the second stage of financing for Leviev Boymelgreen Developers’ 38-story project that is turning the former Chemical Bank headquarters into 408 luxury condos. The renovations began mid-2005 and the building is currently 60% contracted.

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