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Debt & Equity

Cape Advisors secures $52M loan for Tribeca condo project

Eastern Consolidated’s Capital Advisory Division has secured a $52 million loan to finance the construction of 65 West Broadway, a 23-unit luxury residential condominium with ground floor retail that will span the entire block of West Broadway between Warren and Murray Streets in Tribeca.

Managing Director Adam Hakim and Director James Murad arranged the loan with a construction lending bank on behalf of the sponsor Cape Advisors.

“The 23 luxury condos will feature 10 to 12-foot ceiling heights, oversized windows, and high-end finishes and fittings across 42,000 s/f on floors two through 10,” Hakim said. “The one, two, three, and four bedroom units will range in size from 855 square feet to 3,360 square feet and nearly half will have private outdoor space. The building’s amenities will include a doorman, fitness room and resident lounge.”

Murad added, “In addition to residential units, the development will offer nearly 15,000 s/f of ground floor retail along 175 feet of frontage on West Broadway, 50 feet of frontage on Warren Street, and 25 feet of frontage on Murray Street. Retail in Lower Manhattan is in demand as new residential developments have transformed the landscape from a nine-to-five business community into a 24-7 neighborhood.”

The development site for 65 West Broadway is comprised of existing buildings at 65-69 West Broadway, 71-73 West Broadway, 61 Warren, and 59 Warren Street that will be demolished to make way for the new condominium, which will feature a masonry façade with oversized punch windows.

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