Canyon Capital Realty Advisors LLC (Canyon) has provided a $31.1 million senior loan for the construction of a new mixed-use project at 10 Bond Street in NoHo.
The development team, comprised of a joint venture between SK Development, Ironstate Development, and the Chetrit Organization, plans to begin construction on the site immediately, with project completion anticipated by the first quarter of 2015.
Designed by Selldorf Architects, the project will consist of 11 luxury residential cooperative units and a retail condominium.
The seven-story building will feature a terra cotta and weathered steel façade, and include a mix of two and three bedroom units, including a penthouse with a private rooftop and a two-story maisonette with street-access, a garage and private garden space. The 4,900 square-foot retail condominium will have both ground floor and cellar space as well as ceiling heights ranging from 16 feet to 28 feet.
“This was a highly compelling deal for Canyon based on the project’s prominent location, the strength of the local market and most importantly, the developer’s reputation for delivering top-tier residential projects,” said Canyon principal, Jonathan Roth. “We continue to be very interested in the Manhattan residential market, and are pleased that our construction financing will pave the way for the transformation of an underutilized site into a true residential jewel box.”
“This project will be a significant addition to the neighborhood and complement the architectural integrity of the other recent new developments along Bond Street,” said Scott Shnay of SK Development. “We have assembled a world class design and team for the project and Canyon was able to quickly understand our vision.”