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Spectrum Management Closes $24M Loan

NEW YORK CITY-The mortgage backed the purchase of a Midtown South land parcel by a developer.

By Rayna Katz | Updated on May 08, 2013

NEW YORK CITY-Spectrum Group Management LLC announced Wednesday that an affiliate has closed a $24 million first mortgage loan, the proceeds of which funded the acquisition of 215-221 West 28th Street. As previously reported, American Development Group purchased the property.

The loan is secured by a first mortgage on approximately 7,500 square feet of land and associated air rights that will allow for the development of approximately 150 multifamily units, according to the announcement. The borrower, a local developer, reportedly plans to begin construction on the site later this year.

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