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Debt & Equity

Chinese investor Strategic Capital to finance new Manhattan apartment tower

Strategic Capital — the investment arm of China Construction America — announced a $140 million equity investment in a 280,000 s/f Hudson Square development.

Strategic’s investment consists of both equity and mezzanine components in a joint venture with Cape Advisors and Forum Absolute Capital Partners (FACP).

Strategic will co-develop the 170-unit property with Cape Advisors in what will be its first foray into the residential market in Manhattan.

The site is located at 110 Charlton Street and 537 Greenwich Street. The partnership has tapped Parisian-based Loci Anima and Adamson Associates for the luxury loft design. The project is being built by Plaza Construction, an affiliate of Strategic Capital, which expects to commence construction in early June.

Sales for the condominiums are slated to get underway in spring 2018.

“This investment demonstrates our in-house ability to identify, finance and develop large scale real estate assets. The combination of outstanding location, unobstructed views and distinctive architecture make this a unique condominium project,” said Linsen Zhang, president of Strategic Capital.

Mikhail Kurnev, managing partner at Forum Absolute Capital Partners, said, “We’re very excited the Hudson Square project will soon be underway. Partnering with Strategic Capital and Cape Advisors will provide an excellent source of knowledge and expertise as both firms possess impressive portfolios.”

Eastdil Secured brokered the joint venture between Strategic Capital and Cape Advisors. Shearman & Sterling represented Strategic in the transaction while Haynes and Boone represented Forum Absolute Capital Partners and Cape Advisors.

China Construction America is the US subsidiary of China State Construction and Engineering Company, one of the largest investment and construction companies in the world.

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