$100M Funds Two Construction Projects

[IMGCAP(1)]NEW YORK CITY-Eastside 77 Associates LLC in a joint venture with affiliates of Alchemy Properties Inc. and Alcion Real Estate Master Fund have received a construction financing loan, in the amount of $31.5 million, for its mixed-use building at 303 E. 77th St. and 1480 Second Ave. Also, 800 Tenth Ave LP, a JV between affiliates of Alchemy Properties Inc. and Jamestown Corp., have received a $66.6-million construction financing loan for three buildings located at 447-453 W. 54th St., 450 W. 54th St. and 452-460 W. 54th St. at 10th Avenue, which will also be developed into a mixed-use building.

[IMGCAP(2)]Eastside 77 Associates LLC was represented by Jeff Schwartz at Wolf Haldenstein Adler Freeman and Herz LLP and Laura Sherman of Goodwin Proctor LLP. The lenders were Bank of America and PNC Bank and were represented by Paul Mackey at Schiff Hardin LLP. The 20-story building will consist of retail on the first floor and will have 32 apartments above.

The building at 303 E. 77th St. and 1480 Second Ave. the two lots, which were formerly occupied by two four-story walk ups. Schwartz tells GlobeSt.com that the developer purchased the two lots along with air rights from the buildings to the north and the east. The two buildings have now been demolished and construction has begun. The site to be built will consist of a retail unit–approximately 2,705 sf–and 32 residential units–approximately 50,000 sf. Units will range in size from 1,250 sf through 2,500 sf. The condominium will be called the Isis Condominium. An offering plan has been filed and was accepted by the NYS Attorney General’s Office, Schwartz explains. Construction is estimated to be completed by July 1, 2009.