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Debt & Equity

Condo developers land $40M loan from Bank of the Internet

Bank of Internet has funded a $40 million loan to fund the conversion of an Upper West Side synagoge by Chinese developer Landsea Homes and its partner Leyton Properties.

The companies plan to build a 14-story luxury condo building at 212 West 93rd Street. The tower, which will contain 20 apartment units, will replace the Shaare Zedek Synagogue. The senior loan was provided by BofI Federal Bank with construction financing arranged by Ackman-Ziff Real Estate Group LLC.

Opened on July 4, 1999, Bank of Internet wanted borrowers to know that, despite the traditional bank holiday, people would still be able to access the bank because of it online format. It changed its name of BofI in 2011.

Thomas Graham, Senior Vice President of Operations at Landsea Homes, said the company was thrilled to close the deal for the company’s first ground-up new development project in Manhattan as it looks to expand into gateway cities across the country.

“We are excited to bring our unique philosophy to one of New York City’s most beloved neighborhoods with a luxury condominium offering at 212 West 93rd Street,” added Graham.

“At Landsea Homes, we always seek to create a best-in-class residential experience inspired by sustainable living and that is exactly what we plan to introduce with this marquis project.”

Landsea and Leyton are developing the 212 West 93rd Street site with a modern 14-story condominium project designed by Eran Chen of ODA New York.

The ground-up building will blend 20 residences, many of which will include outdoor space, above a new 9,350 s/f synagogue. The entrance to the synagogue will feature a limestone façade with a concrete base and bronze accent detailing while the condominium will have a glass-enclosed lobby framed in black steel.

Landsea Homes is currently developing homes and communities throughout the country, including the Avora at Port Imperial, a 183-residence condo on the Weehawken, NJ, waterfront.

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