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Loan Will Assist 34-Story Condo Development

NEW YORK CITY-Bluerock Real Estate LLC will use the funds to facilitate the land acquisition and pre-development of a 51-by-100 foot land parcel at 1355 First Ave.

By Natalie Dolce | Updated on September 19, 2007

(Read more on the debt and equity markets and more on the multifamily market.)

NEW YORK CITY-CB Richard Ellis Capital Markets arranged a $19.2-million loan to assist in the land acquisition at 1355 First Ave. Keith Braddish, managing director, along with VP Jason Gaccione, both of CBRE’s Capital Markets group in New York, have secured the loan on behalf of Bluerock Real Estate LLC to facilitate the land acquisition and pre-development of a 51-by-100 foot land parcel at 1355 First Ave.

Development plans for the site consist of a 34-story, ultra-luxury boutique style condominium building containing approximately 100,000 sf. Ownership envisions primarily large full-floor family-sized apartments. CBRE Capital Markets tells GlobeSt.com that they are not financing the development, only the land acquisition, so they could not provide further information. Bluerock could not be reached for comment regarding further information of the project by deadline.

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